Early this morning, Ethereum oscillated lower from around 2,400, and the price has now fallen to around 2,380. As a support-turned-resistance level tested multiple times previously, 2,400 has evolved into short-term resistance after being breached. The price center has clearly shifted lower, with consecutive bearish candles on the hourly chart. Trading volume has increased moderately during the decline, while bearish momentum continues to be released.
Structurally, the loss of the 2,400 level means a short-term top has initially taken shape. The 2,350–2,360 area below is a key neckline support zone, corresponding to the neckline of the previous small double top and the lower 4-hour Bollinger Band. Once this area is breached, the downside will open further toward around 2,320. In terms of volume and price, rising volume during the decline and shrinking volume during rebounds reflect weak buying support, with selling pressure dominating market sentiment. The short position opened around 2,400 last night is currently in floating profit, and its holding logic has received initial validation.
In terms of operations, maintain a bearish bias while holding shorts below 2,400. The defense level can be lowered to above 2,400 to lock in profits. The first target is the 2,350–2,360 area, with 2,320 as the next target if that level breaks. If a rebound to around 2,400 encounters confirmed resistance, there may still be an opportunity to add to the position. Before any clear bottoming signal appears below, short positions can be held patiently; avoid rushing to buy the dip. #Gate用户突破6000万 $ETH