Ethereum continued its weakness as expected in the early morning, with prices falling under pressure from around 2180, hitting lows near 2120, with clear bearish momentum. Currently, the price has rebounded to around 2135, but the rebound strength is limited, with insufficient buying support. The bears remain firmly in control of the short-term market.
The 2100 level serves as the last line of defense for bulls in the near term and is currently precarious. From the hourly structure perspective, the downtrend pattern remains unchanged, with rebound highs declining progressively. The moving average system shows bearish divergence, MACD is running with a death cross and the bearish momentum histogram has not shown significant contraction, indicating that downside pressure continues to accumulate. Once 2100 is effectively broken, further downside will be opened up.
The current decline is only in the early stages of correction, with the price-volume structure showing no stop-loss signals. After breaking 2100, the next target is directly at the 2050 zone. Operationally, continue with the rebound-high shorting strategy. Do not blindly chase the bottom until a clear bottom structure emerges.
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