Last night, the cryptocurrency price experienced a waterfall-style drop, reaching a low of 91510. Subsequently, the price quickly rebounded, recovering to a high of 95000. This morning, the price faced a second round of downward movement, testing the 92000 level again. After two rounds of tug-of-war between bulls and bears, the market has entered a phase of consolidation. Ethereum's movement mirrored that of Bitcoin, bouncing back quickly after a dip to the low of 3302. The current price is around 3347.
From a short-term perspective, the pressure is concentrated at the 94000 level, with a focus on price fluctuations along the descending trend line. As long as the price has not stabilized above 95000, the bearish outlook remains valid. Currently, there are no favorable conditions for a rebound; a technical rebound may occur due to some short-term profit-taking, but further downside risk should be noted. The current price is in the low range after an increase, near an important support level. If this support is broken again, it could trigger panic selling. Although there has been some rebound action in the short term, it lacks strength. Similar situations indicate strong selling pressure; unless a trend reversal occurs in a certain rebound area, it is advisable to maintain a bearish outlook!
Operational Suggestions
Short Bitcoin at 93500-93000, target 91000
Short Ethereum around 3370, target 3270
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