Don't rush to buy the dip after ETH crashes! Brother Wan gives you a cold shower

Brothers, let's talk about the current situation of ETH.

Just now, a wave dropped straight from 2346, with the lowest point hitting 2218, now hovering around 2261. It looks quite frustrating, but actually there's not much strength behind it.

On the technical side, Brother Wan won't say much, just remember:

All moving averages are in a death cross pushing downward, none of the 5, 10, 20-hour lines are supporting the bulls.

MACD is also below the water, the green bars have shrunk a bit, but that's just tired from the decline taking a breather, don't mistake it for a reversal.

Right now, it's just a weak rebound after a decline; the bears are still in control.

My own trading approach, for reference only:
For those wanting to go long:

Wait for a pullback around 2240-2250, if it can hold steady without dropping further, I will lightly try a rebound.

Take profit first at 2280, if it breaks through, aim for 2300.

Stop loss at 2220, if it breaks below, don't hesitate, run immediately, don't hold on.

For those wanting to go short:

Wait for the rebound to 2280-2290, see if the 20-hour line can hold, if it can't, then act.

Take profit first at 2240, if it breaks, head for the previous low at 2220.

Stop loss at 2300, if it stabilizes firmly, accept the loss and exit, don't fight to the death.

Brother Wan's summary:
In this market, bears follow the trend, bulls can only sneak in.
Those wanting to go long should trade lightly, don't get carried away.
For those seeking stability, follow the bears' rhythm.
Most importantly—set good stop losses. Without stop losses, you're just someone else's ATM.

The above is Brother Wan's personal opinion and does not constitute investment advice.
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