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3-20 Morning Analysis Follow the trend and short at higher levels
Ethereum continues to weaken in the short term, with prices plunging significantly intraday and briefly breaking below the 2100 level. On the daily chart, all previous gains have been fully wiped out, and the bullish trend has been completely reversed. Any short-term rebounds are traps for bulls, so the trading strategy should be to firmly follow the trend and short accordingly.
On-chain activity remains persistently sluggish, with Gas fees and burn volume declining, weakening the deflationary logic. Coupled with ETF fund outflows and whale selling pressure emerging, market bullish confidence has collapsed, and the rebound lacks volume support, further opening the downside space. The current price hovers weakly around 2146, with dense resistance above. The main approach is to short at higher levels in line with the trend!
Trading recommendations:
Short in batches around 2150-2170, with downside targets near 2050-2100. If broken, continue to watch for a move down to 2060.