3.12 ETH Two-Day Market Analysis

After reaching a high of 2087, ETH experienced a shock decline, with the rebound highs continuously moving lower. The MA7 moving average and the upper band of the Bollinger Bands are forming a double resistance. The short-term moving averages are turning downward, and the bullish momentum is gradually fading. The 2000 level is the current key psychological support. Once broken, the market will continue its downward trend.
Compared to Bitcoin, ETH has experienced a larger decline in the first quarter and a weaker rebound. Although the mainnet upgrade offers medium-term upside potential, ETF fund inflows are weak, and on-chain whale operations are mainly low-position plays, making it difficult to form a strong rebound in the short term.
Tonight, the US initial jobless claims data will be released. If the data exceeds expectations, it will reinforce the Fed's hawkish stance, dampening rate cut expectations and creating a bearish environment for the crypto market. ETH's downside risk will thus increase.
Trading Suggestions
Enter short positions in the 2070-2090 range, targeting 2000. If the support at 2000 is effectively broken, continue to watch for 1900.