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ETH Thoughts
Yesterday afternoon, it broke below the previous upward channel. After a rebound with support, it is now oscillating along the lower edge of the channel. The rebound has been suppressed, and the upward momentum is very weak.
If it moves upward, the first resistance to watch is around 2370; if it can hold steady at this level without falling, then the next target is the strong resistance at 2440. It’s very difficult to break through this level in one go.
On the downside, the key level to watch is 2310. Currently, the price is grinding along the lower edge of the channel, indicating strong bearish pressure. Once it effectively breaks below 2310, the downward space opens up. First target is 2250, then further down is 2177.
Personally, I still maintain the view that the probability of a breakdown today is much higher than the chance of pushing to a new high.