10.23 ETH Market Analysis: Short-term Strategy Under Continued Weakness

After ETH's initial surge to the key level of 4100, it failed to maintain its gains and has shown a continuous downward trend, reaching a low near the 3700 area. The current market exhibits significant weakness, with a clear rhythm of progressively lower highs. The bearish-dominated downward trend still has the momentum to continue, and there are no clear signs of a bottoming out in the short term.

Short-term trading requires closely monitoring the 3850-3880 range as a key resistance level. If the price rebounds to this range and shows signs of pressure and a pullback, such as insufficient volume or bearish candlestick patterns, one may consider establishing short positions based on this range.

The targets below need to be monitored in stages:

1. The first target is aimed at the 3750 support level, which serves as a brief consolidation platform during the previous downward process. We need to observe whether it can effectively break this level.

2. If 3750 support fails, the next target may look down to the key support at 3700, which is the recent market low. A break below this level could open up greater downside potential.

Regardless of long or short positions, it is essential to strictly set stop losses (for short positions, it is recommended to place them above 3900 to avoid unexpected breakout risks), to prevent significant losses due to short-term fluctuations, while dynamically adjusting positions and targets according to real-time market conditions.
#以太坊