5.8 Evening ETH Double Bottom Real-Time Market Analysis

Market is slightly weak; focus on high-altitude positioning for the double bottom

Currently, the double bottom is in a volatile and weak trend ahead of non-farm payrolls, with the current price around 2278. Over the past 24 hours, it has shown a pattern of rising and falling, with the intraday high reaching 2330 before continuing to decline, and the low dropping to 2265. The overall decline is close to 2%, with a clear weak trend, and short-term bears dominate.

From the market movement, the 2300 resistance level above the double bottom forms a clear barrier, with multiple rebounds failing to break through effectively. The 2310-2330 zone is an even stronger resistance area. As long as the price cannot stabilize above this zone, bulls will have limited room for sustained effort, and after rebounds, the price is likely to resume downward. The 2265 level is the short-term support for the day and a key point in the current battle between bulls and bears. If this level is broken, the price could further decline toward the 2250-2220 core support zone, possibly reaching the 2200 defense level.

Considering market sentiment and non-farm payroll expectations, the current market is highly cautious, with capital flows leaning conservative. Overall, the market sentiment is bearish, with retail long positions relatively concentrated, which could easily trigger a shakeout by major players. After the non-farm data is released, volatility will intensify further, and rapid short-term price spikes are highly likely.

In terms of trading strategy, maintain a trend-following approach, avoid blindly bottom-fishing for longs, and wait for the price to rebound to the 2300-2320 zone to confidently establish short positions. Place stop-loss strictly above 2340. The first target is 2265; if broken, continue holding for 2220-2200. If the price remains oscillating between 2265 and 2300, stay on the sidelines, avoid frequent entries, and do not go against the trend. Operate with light positions throughout and strictly control risks. $BTC $GT $ETH #Gate广场五月交易分享 #比特币跌破8万美元 #油价过山车