Bearish Trend Forms at Resistance in Ethereum Market

Zhang Lihui's latest Ethereum (ETH) market analysis suggests that a bearish trend is forming at resistance. In his previous analysis, he correctly predicted that the market would experience a unilateral surge followed by a drop. He entered a short-term long below 2500 and switched to short at 2610, advising those with heavy positions to take partial profits and reduce holdings.

Currently, the 4-hour candle is testing the MA180 and EMA180 support zone for the second time, which also coincides with the daily EMA300 and EMA30 crossover point. If this level breaks, Zhang Lihui expects a quick drop to below 2300. He notes that the weekly middle band and the MA30, MA15 triple crossover point, roughly in the 2060-2000 range, is a key bull defense zone.

Zhang Lihui advises focusing on shorting rebounds and paying attention to short entries near resistance at the daily mid band. For long positions, he suggests entering below 2300 with a stop loss below 2250 and targeting 2370-2460. Conversely, for short positions, light shorts can be taken above 2470 with a stop loss above 2540 and targeting 2380-2290.