Wednesday, April 29. Ethereum weakens and dips downward; rebounds continue to short

In this round, Ethereum is tracking the earlier phase of Bitcoin: after the recent surge met resistance, it continued to fall, and overall the market has been choppy and weakening. The price repeatedly probed the resistance above and was met with selling pressure and pulled back. Bullish rebound momentum has been severely lacking. In the early hours, prices continued to weaken, hovering around low levels; the high-level upward structure has been gradually broken down. Market sentiment is bearish, and short-term downside pressure keeps increasing.

On the daily timeframe, there have been consecutive bearish closes followed by pullbacks. Short-term key moving-average support has been lost, and the structure of the upward trend has loosened. The MACD death cross at high levels continues, and bearish momentum keeps being released. The top-versus-bottom divergence signal is clear, indicating that mid-term upward momentum has run out of steam. On the four-hour cycle, the highs keep making lower highs, the lows continue to be refreshed, and the price is trading below the middle Bollinger Band under pressure. The weak-bearish short setup is clear. Resistance around 2310 forms a strong cap, making it difficult for rebounds to continue. Support at 2250 is fragile; once it is broken effectively, a new round of deep pullback will be triggered.

In my personal view for Wednesday morning: rebound within 2290–2310—short in batches. Place the stop loss above 2355. The first target is 2220–2200; if it breaks, follow through with the move down to around 2160. The market weakness is obvious—do not fight the trend or hold positions against it. Strictly set your stop loss, and with light position sizing, follow the bearish rhythm accordingly. #加密市场小幅下跌 $BTC