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Major funds are fleeing wildly, is Ethereum continuing its downward trend?
Ethereum thoughts for 6.24 reference:
Yesterday, Ethereum surged to 1735 but couldn't hold on, then experienced a sharp decline, bottoming out at 1633, with Chen Cheng's intraday bearish target of 1630 perfectly fulfilled. It moved down by 100 points.
Yesterday, Ethereum's overall decline was nearly 3.75%. Major players kept placing large sell orders, and funds continued to withdraw. The overall market has already shifted into a weak phase.
Right now, it's just a slight rebound after a big drop, not a reversal. The resistance around 1670-1685 is very strong, and the bulls have no confidence to launch a counterattack. Every rebound is a good opportunity to set up short positions.
Maintain a bearish outlook overall, do not chase longs on rebounds, and go short on rallies.
Ethereum can be gradually shorted around 1670 and 1700. Targets are 1600 and 1550.
$ETH