Let's review $ETH 's recent price action. I previously said that 1,990 was short-term resistance and we should first see whether it could break above it. Sure enough, it reversed after rising to 1,989.1, so that call was right. But the 1,900 support I mentioned last time, which I thought would hold, has now been broken as the price is at 1,893.7, so that judgment was clearly wrong — the support was weaker than I expected. It has fallen 1.99% in the past 24 hours, sliding all the way from 1,989.1 to 1,878.0, basically closing near the lower end.
Trading volume at 660.8M is not expanded, more like a slow, steady decline rather than panic selling, so there is no need to rush to call a bottom. 1,878.0 is the newly formed low, and the next thing to watch is whether this level can hold. If it can stabilize and form a second confirmation, there is still a chance to recover toward the 1,900 to 1,920 area; if 1,878.0 gets taken out again, then support will need to shift down a level to find a new base. $BTC We also need to keep an eye on the rhythm over the next few days, as ETH itself has little independence — when the broader market weakens, it tends to lead the decline. 😐 At this level, I’m not chasing shorts, and I’m not rushing to buy either; I’ll wait for it to show a clear stance.
Trading volume at 660.8M is not expanded, more like a slow, steady decline rather than panic selling, so there is no need to rush to call a bottom. 1,878.0 is the newly formed low, and the next thing to watch is whether this level can hold. If it can stabilize and form a second confirmation, there is still a chance to recover toward the 1,900 to 1,920 area; if 1,878.0 gets taken out again, then support will need to shift down a level to find a new base. $BTC We also need to keep an eye on the rhythm over the next few days, as ETH itself has little independence — when the broader market weakens, it tends to lead the decline. 😐 At this level, I’m not chasing shorts, and I’m not rushing to buy either; I’ll wait for it to show a clear stance.