May 1 ETH Market Analysis — Overall Market Structure: The downward channel has not been broken. From the 15-minute chart, bears are in control. After ETH touched the 2404 high on April 27, it formed a clear downward channel pattern: high (1) 2404 → low (2) 2218 → rebound high (3) 2298 → then made another new low again, forming a typical bearish arrangement. The current price 2263 is located in the area below the middle line of the channel, and in the short term it is still suppressed by the descending trendline.

Technical Key Signal — Wave Structure: The five-wave decline marked (1)(2)(3)(4)(5) on the chart is clear. It is currently in the downward leg of wave (5). Theoretically, there is still room to dip further, with targets pointing to the 2195-2200 area.

Support and Resistance:
- Resistance above: 2298 (previous high), 2338 (a prior dense trading area), 2400 (upper channel band + psychological level)
- Support below: 2220 (intraday low), 2195 (previous low), 2130 (expansion target)

Volume Characteristics: Each time there is a rebound, volume shrinks; during the decline, selling volume expands. This indicates that bearish strength is dominant and bullish resistance is weak.

Suggested Trading Strategies

**Short positions (main direction):**
- Short near 2400, stop loss 2430, targets 2370, 2330-2340
- Short near 2330-2340, stop loss 2350, targets 2300, 2450-2300
- Short near 2450-2300, stop loss 2310, targets 2270, 2230

**Long positions (countertrend rebound idea):**
- Long near 2220, stop loss 2200, targets 2250, 2280-2190
- Long near 2280-2190, stop loss 2170, targets 2250, 2300-2130
- Long near 2300-2130, stop loss 2100, targets 2200, 2250

Risk Warning: The current market is in a downward channel. Shorting in line with the trend is the main approach; countertrend long positions require strict stop-losses. In the daytime, be cautious of false breakout traps: if the price holds above 2300, it may rebound in the short term toward the 2330-2340 area; otherwise, if it breaks below 2220, the selloff may accelerate toward 2195 and even 2130.

【Trading involves risks; this analysis is for reference only, and profits and losses are your own responsibility】