A downward trend has formed, and you cannot buy at the bottom against the trend! If you enter the market now, you will probably become a cannon fodder.

Ethereum has already turned into a downward trend on the daily chart. Don't guess when it will pull back in the downward trend. Once the trend is formed, it will be difficult to reverse. The risk of buying at the bottom against the trend is that there is no certainty. Keep your hands off and wait for the opportunity of certainty. This is the choice that speculators know.

The K-line pattern is a perfect downward triangle. If it is a short-selling idea, every rebound to the trend line is an excellent opportunity to short, but it has reached the end of the trend line. The main consideration is how the market will go in the future. If the market continues to weaken, ETH is likely to continue to fall. Ethereum's performance this year is too poor, and it has no independent narrative. It is difficult to have the ability to reverse the trend, and the number of users on the chain has dropped sharply.

Decentralized applications (DApp) are the core of Layer 1 blockchains. The reduction in users and numbers indicates a decrease in demand for ETH.

Data from Web3 data aggregator DappRadar show that the number of active addresses of top Ethereum decentralized applications (DApps) has decreased by an average of 6.42% in the past 30 days.

In the past 30 days, Ethereum DApp transaction volume has fallen by 26.51% due to the reduction of Uniswap, MetaMask Swap, Blur and OpenSea. Other data from Coinglass shows that Ethereum network activity (specific indicators) has plummeted in the past 30 days.

In terms of the ETH/BTC exchange rate, it has been weak for more than half a month and has now started at 0.046. As long as it runs below 0.05, it is determined that the weak situation will not be reversed. Go long on the exchange rate, continue to wait for opportunities, wait for Ethereum to increase in volume, and the exchange rate to stabilize at 0.05, and then consider switching the focus to Ethereum.

At the current point, the upper short-term resistance focuses on 3030 3140

The lower short-term support focuses on 2880, 2800,

In terms of operation, the medium and long-term spot can be arranged in batches, and the short-term contract waits for the breakthrough of 3000 to stabilize and then enter the market. It is not possible to go against the trend to buy the bottom. If you can't hold the 2800 mark, you may fall.