5.8 ETH Midday Analysis

After tracking Bitcoin higher in the morning, ETH faced pressure and pulled back. The 2330 integer level above is clearly acting as strong resistance; repeated attempts to break higher failed to hold effectively. The upper band of the Bollinger Bands has turned downward, indicating that short-term rebound momentum remains insufficient. The moving averages are arranged in a bearish order, confirming a weak structure. The bearish trend will most likely continue strengthening. At present, the market is moving in conjunction with Bitcoin’s weakness. In terms of trading, use 2330 as the key resistance level; if rebounds remain feeble, you can follow the trend to set up short positions accordingly.

Trading Suggestions

• Short position entry zone: around 2300–2330

• Target reference: 2230–2100

• Risk control tip: set a stop-loss, monitor Bitcoin’s correlated volatility, and avoid blindly chasing shorts