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3.19 ETH Analysis
ETH completed a key breakout last night. The 2320-2357 oscillation range that was originally maintained by the moving average belt was pierced through by consecutive large bearish candles. The long side's defense line completely collapsed, with the lowest point testing down to 2151.68, and bearish momentum concentrated in its release.
After the breakout, price has been running below all moving averages, with short, intermediate, and long-term moving averages forming a clear bearish arrangement, continuously suppressing rebounds; each minor upswing quickly encounters resistance and falls back, with the bulls showing very weak counterattack strength. Bottom-fishing funds are clearly cautious, and selling pressure continues to be released.
The previous oscillation platform has shifted from support to strong resistance. There is no effective technical support to bottom out below, and the downtrend channel is completely open. The short-term trend is clearly downward, with rebounds serving as windows for high-level short positions. There is still further downside space in the market ahead.
Operation Suggestion: Short 2230-2260, target 2150-2100.$ETH $GT