Yesterday $ETH hit the bottom exactly touching our take-profit level at 1720, then quickly rebounded to a high of 1762, after which it consolidated in a high range of 1730~1760 for a long time.


This rebound is only a recovery move. Selling pressure above remains heavy, and the rally lacks sustainability. Short-term longs and shorts are pulling back and forth.
When the rebound touches resistance, it is an opportunity to short. Bulls lack follow-through; do not be misled by the short-term rebound into chasing longs.
Intraday view unchanged, stick to the short-on-highs approach.
Consider entering shorts at 1755-1765, targets 1725 and 1715.
ETH1.27%
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