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Good morning everyone, happy weekend. Let me summarize the ETH market situation from yesterday and the day before.
Yesterday experienced a volume-driven decline with each rebound showing decreasing volume on tests. The buyers are working very hard to accumulate, but the price just won't move up, indicating that the supply side above remains heavy. Buyers don't dare to exert force here, and we are currently in a broken level state. However, the price also cannot fall further—likely the main players are trying to create the appearance that it won't drop, to lure retail investors to buy the dip.
The current resistance zone is between 2165 and 2185. The support below is between 2050 and 2070. Multiple attempts have been made, with the highest reaching 2175 yesterday. The lowest dropped to 2114. At this stage, shorting still offers a higher risk-reward ratio, so today's strategy remains the same as yesterday.
Strategy: Short in the 2170–2185 zone
Stop Loss: 2205
Target: 2090–2060