Yesterday's bearish outlook for Ethereum was perfectly fulfilled again. This round of decline was quite fierce, with prices dropping from 2380 under the pressure of the Belt and Road, and the bears continued to increase their volume. The price also directly broke through the 2300 level, constantly hitting new lows during the session. Most traders who followed the trend successfully caught this move.

Currently, short-term sentiment has been somewhat released. The cost-effectiveness of continuing to chase short positions at lower levels is beginning to decline. For now, the outlook remains unchanged, focusing on the support around 2280-2300.

If the pullback does not break below and stabilizes, consider entering long positions at lower levels, aiming for the 2360-2380 range. If there is resistance again above and a clear breakout is not achieved, there is still a chance for a second decline. At that point, consider switching to short positions.