ETH 5-8 Market Brief and Trading Recommendations

1. Market Brief
Today, ETH continues to fluctuate at high levels and then pull back, with a clear pattern of sharp rise followed by a breakdown on the 15-minute chart:
Price quickly drops from the recent high near 2423, breaking below the previous upward trend line support, currently consolidating around 2293.
Overall structure shows the previous upward wave has completed, and it is now in a downward correction cycle, with a clear bearish trend intraday.
Key support: 2279-2280 (intraday low), 2229-2230 (strong support); key resistance: 2333-2335, 2375-2380, 2420-2423.
2. Trading Recommendations (Short-term perspective, for reference only)
Short position strategy (main direction)
First short zone: 2330-2335
Entry: Light short when price rebounds near 2330-2335 and faces resistance
Stop-loss: Above 2350 (if it breaks above the previous high resistance, abandon the short idea)
Targets: 2300 → 2280 → 2250 (take partial profits in stages, gradually move stop-loss lower)
Second short zone: 2375-2380
Entry: If it rebounds and faces resistance again in the strong resistance zone 2375-2380
Stop-loss: Above 2410
Targets: 2350 → 2320 → 2300
Long position strategy (only lightly test support levels)
First long zone: 2279-2280
Entry: When price stabilizes after retracing to support zone 2279-2280 (showing signs of stabilization)
Stop-loss: Below 2260 (if it breaks the intraday low, abandon long positions)
Targets: 2300 → 2320 → 2335
Second long zone: 2229-2230
Entry: If it shows signs of stabilization after falling to strong support zone 2229-2230
Stop-loss: Below 2210
Targets: 2260 → 2280 → 2300
Additional notes
The intraday trend is generally bearish; longs are only suitable for short-term play at support levels with strict stop-loss, avoid holding positions too long.
Key breakout: If the price reclaims above 2350, the bearish trend will temporarily weaken, and a sideways to bullish adjustment should be considered.
Risk reminder: Cryptocurrency markets are highly volatile. The above analysis is purely technical and for reference only, not investment advice. Profit and loss are at your own risk.