$ETH Sentiment, Silk Road, and Recommendations

The multi-head trend line indicated by the red arrow has been broken, and it has fallen below the 2048 support level, currently trading below the 2048 support. According to Fibonacci analysis, this wave of correction for ETH can find support at the 61.8% Fibonacci level, which is acceptable. However, we are still a little short of the 61.8% Fibonacci retracement. My biggest concern is that if it tests the 61.8% level and doesn't hold, then it could continue downward, which would be very bad. If the 61.8% support fails, it might drift around near 1990, and that’s not the trend I want to see. The 61.8% level must not be broken; if it breaks, there’s a high probability it will target the 1936 level, which is the 1:1 downside target. Currently, the only way to stop ETH from falling further is for it to break above 2048 and move into a consolidation phase above that level. To see a rebound, it needs to return above the yellow bullish trend line to initiate an upward correction. Running below 2048 is not good; it could likely dip further, testing the lower support zone around 1905. As I said before, only if ETH stabilizes above 2139 on the daily chart can it start a daily rebound.

Break above 2055 with volume to chase the long side and catch a rebound. If it breaks below 2032 with volume, it signals a move to the short side—aggressive traders should go short, with proper stop-loss in place.
On the hourly chart, if it holds above 2055, look for targets around 2092-2126.
On the 4-hour chart, if it breaks below 2026, look for support around 1987-1938.

On the daily chart, it’s a pity it just missed retaking the 2139 level and moving higher; it was so close but didn’t make it. Since it can’t break above 2139, keep an eye on the lower boundary of the box at 1905. As I always say, only if ETH stabilizes above 2139 on the daily chart can it start a daily rebound.
$ETH