$ETH 24In the last 24 hours, we saw a spike up to 1693.67 before getting hit hard with volume, dipping to a low of 1552.95. The current price has slightly bounced back to 1622, marking a daily drop of 2.98%. The entire drop was accompanied by heavy volume, while the rebound is weak, indicating that bulls are struggling to hold. This bounce is merely an oversold correction, with strong sell pressure looming above. The long-term bearish trend remains intact with no reversal signals in sight.

Resistance at 1650-1665 is the first short-term hurdle.
1690-1694 is the key pressure zone from this recent drop.
Support at 1580 is a temporary defense, with 1552.95 being the intraday low; breaking this level would open up new downside potential.
Short-term strategy: Look to short on all rebounds, absolutely no bottom fishing.
Entry: Consider light positions around the current price of 1622, betting on weak rebounds; set a stop-loss at 1670.
Short-term target is first set at the 1580 level; once reached, reduce positions and hold out for the 1552 low.
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