Update on ETH analysis, the short-term trend remains somewhat weak, with no small-scale rebound to 2350, and after oscillating, it again dips downward, still in a triangular pattern, with the price approaching the lower boundary support.

In conjunction with liquidation data, most of the short-term positions have been liquidated below, leaving only a small amount of positions around 2288. If a trap is set, this small amount of positions might be taken out, but the first low at 2263 is unlikely to be broken. This dip just touched the lower edge of the triangle and then started to recover, indicating that this support line has strong support and is unlikely to be broken easily.

Therefore, to break this support, more positions need to be liquidated above, as there are still many positions above 2350. If a rebound begins, it’s very likely to test the upper boundary of the triangle around 2400. Considering this level for a short entry, if a clear sign of a bottom appears on the small timeframe, I might go long first and then consider shorting. It’s almost a scenario of both longs and shorts benefiting. Let’s see how the pattern develops! $ETH ‌$SOL ‌