3.19 Ethereum Analysis

Ethereum completed a key breakdown yesterday evening. The 2320-2357 consolidation range that was previously maintained by moving averages was pierced through by consecutive large bearish candles, the bullish defense line completely collapsed, with the lowest probe reaching 2151.68, bearish momentum concentrated released.

After the breakdown, price continued to trade below all moving averages, with short, medium, and long-term moving averages showing a clear bearish alignment, forming sustained pressure on bounces; each minor rebound quickly encountered resistance and fell back down, bullish counter-attack strength extremely weak, bottom-fishing funds clearly cautious, selling pressure continuing to release.

The previous consolidation level has transformed from support into strong resistance, no effective technical support below to provide a floor, the downtrend channel completely opened, short-term trend clearly pointing downward, bounces are windows for high-level short positioning, the market still has further downside exploration space.

Operation Suggestion: Short 2230-2260, target 2150-2100. $ETH $GT