【$ETH Signal】Short position, wait for the downtrend momentum to be exhausted and confirmed

$ETH has formed a downward channel on the 4-hour chart, and the price has broken below a key support level, but short-term selling pressure has eased. Funding rates have turned negative, indicating bearish market sentiment, but open interest has not decreased significantly, suggesting that the downward momentum may not be fully released. Currently, the price is consolidating around 2078 in a narrow range, and we need to wait for clear signs of a trend reversal or a rebound pattern.

🎯 Direction: No position (NoPosition)

Deep technical analysis: The 4-hour candlestick has closed consecutively bearish, and the price has broken below the previous support zone (around 2135). The last candlestick has a long lower shadow, indicating buying absorption around 2060, but a new supply zone has formed in the 2080-2100 range above. The order book shows a large number of sell orders at the first level (2078.6), creating immediate resistance. The price needs to break above 2100 and close above the previous candlestick's body to preliminarily confirm that the short-term downward momentum is exhausted. Until a clear bullish engulfing pattern or bottom formation appears, remain cautious.

Trade here 👇 $ETH

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#Is the current market bottoming out or just waiting?