$ETH ran into resistance around 2389 and pulled back, then broke below the short-term support at 2350, forming a short-term downtrend. The current price is 2343, down 1.48% over 24 hours, with a low of 2281 and trading volume of 6.6B. Volume isn’t particularly low, suggesting buyers and sellers are actively battling it out at this level. Looking at the chart, ETH failed to hold above 2389 after its rally, then slid all the way to 2281 before finding support. This range is the key reference point for now. The 2350–2389 area is resistance; if a rebound reaches this zone on declining volume, ETH will likely test the lows again. 2281 is the low for this move, and holding above it is necessary for a potential stabilization. If it breaks below on heavy volume, the next level to watch is around 2250. In U.S. stock market news, two-thirds of S&P 500 constituents rose, but the index still fell, suggesting that heavyweight stocks are weighing it down and that risk is hiding beneath the surface. This divergence is making sentiment toward major coins like ETH more cautious, and investors are less willing to chase prices higher. The gap between the Chinese and U.S. markets has also widened to a historic high. Global risk appetite still favors dollar-denominated assets, so the crypto market is unlikely to develop a short-term trend of its own. My view is that ETH is bearish in the short term, with limited rebound potential. If it can’t hold the 2281 low, the decline could accelerate. As for trading, don’t chase above 2350; wait to see whether buyers step in near 2281 on a retest. If it breaks below that level, stay on the sidelines. One thing to watch is whether volume picks up near the lows—that would be a genuine reversal signal. What do you think?