Crypto Circle Academician: The downtrend on Ethereum's daily chart continues on 5.23! 2117 is just a correction in the decline; is a rebound an opportunity to short? Latest market analysis and trading suggestions

Ethereum's current price is 2120, and the overall trend is bearish. Short-term rebounds are for quick gains, the daily downtrend remains unchanged, and the 4-hour rebound is just a correction. Don't confuse a rebound with a trend reversal; missing out on a rebound and selling at a loss would be a pity. Since the daily chart hasn't reversed and the 4-hour rebound is minor, don't hold onto the hope of bottom-fishing for double returns. Just trade quickly with tight stops. Keep stop-losses in place, don't go against the trend, or you'll be taught a lesson in minutes. Staying cautious is never wrong.

The daily K-line is in a clear downtrend, with the price at 2116 having broken below all moving averages: EMA15/30/60/90/120, confirming a downward arrangement. The MACD indicator shows DIF, DEA, and MACD momentum still releasing downward, with no obvious weakening. The middle band of the Bollinger Bands at 2248 continues to be pressed down, and the price is weakly supported near the lower band at 2063. The overall channel is opening downward, indicating a bearish trend. In the short term, resistance is in the 2200-2250 zone; if it cannot break through, the downtrend is likely to continue.

The 4-hour K-line is operating below EMA15/30/60/90/120, with the moving averages arranged downward but the slope slowing, indicating weakening downward momentum. The MACD shows DIF, DEA, and a forming bullish divergence, suggesting a short-term rebound correction is needed. The Bollinger Bands' middle band at around 2126 is under pressure, with the price oscillating near the upper band at 2104. The channel is narrowing, volatility is compressing, and the battle between bulls and bears is intensifying. Currently, the price is in a consolidation phase after a decline, with rebound height limited, and resistance at 2140-2160.

Short-term reference:

- Support at 2100 to 2080, stop-loss at 2060, target 2140 to 2160, break below to 2200
- Resistance at 2160 to 2180, stop-loss at 2200, target 2110 to 2080

The current trend is bearish. Long positions are only for short-term rebounds, mainly focus on shorting, and strictly use stop-losses to avoid losses from oscillations.

Specific operations should be based on real-time market data. For more information, contact the author. The article may have delays; for reference only, risk is on your own. $ETH ‌#PlatinumCard作者专属