Today, Ethereum as a whole is still under pressure at high levels. From a Chan theory structure perspective, the 4-hour rebound has already reached a clear divergence phase. The long upper shadows left by the previous surge and pullback also indicate the issue. After the top pattern is formed, the rebound momentum basically cannot keep up.

The range of 2330-2350 is just the pressure level at the upper boundary of the central zone, and above 2360 is also a position where more trapped long positions are concentrated. Coupled with the MACD red bars continuously shrinking, signs of a dead cross at high levels, RSI falling back from overbought territory, and Bollinger Bands starting to turn down after touching the upper band, multiple indicators point to a bearish trend. Capital is also clearly in a rhythm of pushing up to sell off. Going short at this position is technically justified.

Currently, market sentiment is generally cautious, with rapid rotation of hot spots, and risk-averse sentiment is also rising. The market currently shows no signs of sustained upward momentum, so it’s more prudent to follow the pressure and set up short positions.

In terms of operation, $ETH
Short near 2330-2338, stop loss at 2375, target 2290-2250-2220