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This rebound of Ethereum looks quite impressive, but in reality? A typical bull trap. On the 24-hour chart, the price touched 3052 and then stalled. The most severe was the last 15-minute candle — it plummeted from near 3000 to 2910, with trading volume exploding to an astonishing 250,000. This is not a normal pullback? It’s clear that someone is dumping at high levels. Those who were trying to catch a falling knife around 3000-3050 are probably regretting it now, a textbook demonstration of top divergence.
At the current position of 2936, the bears are clearly in control. My choice is clear: go short. Set the stop loss near 2985, and the initial target below is to see if 2910 can hold. If it can't hold, 2850 is also possible. With such a large bearish candle appearing with increased volume at the top, what is there to hesitate about?