$ETH is leaning toward a short setup here, but I would not short aggressively right at support. Price is around 2,505.45, now trading below MA7 2,565.15 and MA25 2,644.57, so the short-term structure is weaker after rejecting from the 2,807.34 zone.
Bias: Short on bounce
Entry zone: 2,540 to 2,565
Stop: above 2,605
TP1: 2,492
TP2: 2,440 to 2,400
TP3: 2,350 to 2,300 if selling pressure continues
The reason I prefer short is that ETH failed to hold above the moving averages and is now struggling under the MA7 area. Since price is sitting close to the 24h low near 2,492, the cleaner trade is waiting for a bounce into resistance and then looking for rejection.
Bias: Short on bounce
Entry zone: 2,540 to 2,565
Stop: above 2,605
TP1: 2,492
TP2: 2,440 to 2,400
TP3: 2,350 to 2,300 if selling pressure continues
The reason I prefer short is that ETH failed to hold above the moving averages and is now struggling under the MA7 area. Since price is sitting close to the 24h low near 2,492, the cleaner trade is waiting for a bounce into resistance and then looking for rejection.