As of June 21, 2026, Ethereum remains weakly volatile above $1,700, with the overall bearish trend unchanged. Short selling still remains the main strategy with higher success probability, but there are also short-term trading opportunities near key support levels.

📉 Core logic: Why are bears favored?

· Technical outlook is broadly bearish: price is well below the 100/200-day moving averages ($2,100+), 4-hour MACD shows a death cross, rebound highs keep moving lower, indicating a typical weak downward structure.
· Capital continues to flow out: ETH/BTC ratio drops to 0.027 (near two-year lows), funds are clearly favoring Bitcoin; spot ETF net outflows persist, and open interest in futures contracts has significantly decreased.
· Fundamental concerns: Ethereum Foundation faces “funding exhaustion” and key talent loss risks, severely damaging market confidence; large traders like Arthur Hayes are also selling at a loss, intensifying panic.

📊 Key levels: The dividing line between bulls and bears

· Strong resistance zone above: $1,740 - $1,800. Converges with the 20/50-day moving averages and descending trendline resistance. Until a clear break above $1,800, any rebound is considered a shorting opportunity.
· Critical support below: $1,680 - $1,620. If volume-driven breakdown occurs below $1,680, it opens the downside space toward **$1,520 and even $1,380**.

💡 Specific trading strategies

1. Conservative shorting (main strategy): If the price rebounds to the $1,740 - $1,760 range and faces resistance, consider entering with a small position. Set stop-loss above $1,782, target first at **$1,680**, and if broken, hold for **$1,620**.
2. Aggressive shorting: If the price drops with volume below **$1,680**, follow the trend with a small position, stop-loss above $1,720, and target $1,620 - $1,520.
3. Defensive short-term long: Only consider a small long if the price breaks above $1,800 with volume and stabilizes. Tight stop-loss below **$1,740**, and exit quickly.

⚠️ Risk warning

· Left-side bottom fishing is extremely risky: currently in a downtrend, do not attempt to catch falling knives manually.
· Strict stop-loss: market liquidity is poor, sudden news (macro data, regulations) can trigger sharp volatility, so set stop-losses to control positions.
· Medium- to long-term observation: the “Glamsterdam” upgrade and the “CLARITY Act” in the second half of the year are potential positives, but only as background information before trend reversal.

This analysis is based on current market data and does not constitute investment advice. Please make rational decisions. #感谢关注︱互动︱评论︱转发