6.9 Ethereum Outlook



This morning, there was a rapid downward move, with the lowest touching 1653, followed by a rebound correction. Currently, it is oscillating around 1691. From the market perspective, although the bulls slightly pushed the price higher, the selling pressure above is very heavy. This wave is more of a correction to the sharp decline in the early session.

From a technical standpoint, the daily moving averages are in a bearish alignment, and the bearish channel remains intact. Although the hourly chart shows a bullish candle correction, the rebound strength is weak and lacks momentum to continue higher. In terms of trading, it is recommended to focus on short positions and avoid blindly chasing long positions.

Trading suggestion: Short at 1700-1710, target 1650-1630.
ETH-0.42%
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