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ETH Market Observation on May 29:
Currently, on the daily and 12-hour charts, the overall trend remains bearish.
KDJ and MACD are weakening simultaneously, and moving averages are maintaining a bearish alignment, especially with MA5 and MA10 showing clear downward pressure, indicating that market selling pressure is still being released, and the bearish trend has not yet ended.
However, today’s trading volume has started to decline, suggesting that short-term panic has eased, and ETH is likely to enter a consolidation around the 2000 level.
After breaking below 2000 earlier, a quick rebound around 1960 also indicates some support below, but it currently appears to be a technical rebound during a decline rather than a trend reversal.
The current strategy still leans toward:
Expect resistance during rebounds and follow the trend.
Until the trend is complete, do not easily guess the bottom.