6.26 Friday ETH Morning Thoughts

Today ETH maintains a weak oscillation, with prices hovering around $1550-1560, a 24-hour drop of 3%-5%. After an intraday high of $1660, it fell back to a low of $1530; the weekly decline is 7.4%, with a retracement of over 12% from the high of $1849, marking the end of the rebound.
Market bearish sentiment is strong, with $1.46B in liquidations across the entire network in 24 hours, a large number of long positions being cleared, and the ETH/BTC ratio dropping to 0.0267, showing significantly weaker performance than Bitcoin.
The decline is driven by multiple bearish factors overlapping: hawkish remarks from the Federal Reserve pushing up the US dollar index and US Treasury yields, weakness in US tech stocks dragging down risk assets; coupled with large option deliveries today, institutional reductions in positions accelerating the downturn.
From a technical perspective, the bearish trend is clear, with daily moving averages fully suppressing prices. The RSI's brief oversold condition only brought a small repair, not a reversal signal.
The overall market is bearish, with limited strength in oversold bounces and heavy selling pressure above.
Trading suggestion: Short at 1560-1580, target 1510, and if broken, expect 1470. $BTC $ETH $SOL