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Woke up early this morning, and the currency circle was once again bloody. ETH directly hit $3,055 in the early morning. In just a few days, it fell by more than 25% from its high. The brutal unilateral decline officially announced the arrival of a bear market. In the past 24 hours, the entire network's liquidation amount reached US$2.065 billion, and more than 480,000 people were harvested. Among them, long positions were liquidated to US$1.675 billion, and ETH itself contributed US$587 million to the liquidation of long orders.  The currency circle is once again bleeding. The massacre does not stop at ETH. The pie has also fallen below the $100,000 mark for the first time since June. The entire cryptocurrency market is filled with a strong sense of panic. This plunge was not sudden, but the result of a combination of multiple negative factors. Federal Reserve Chairman Powell's stance after cutting interest rates at the end of October was far less dovish than market expectations. He emphasized that further interest rate cuts were not a foregone conclusion, pouring cold water on market sentiment that was about to relax. At the same time, the U.S. federal government shutdown entered its 35th day, tying the longest record in history, further exacerbating market uncertainty. Wall Street giants warned in unison that the CEOs of Goldman Sachs and Morgan Stanley both said that U.S. stocks are overvalued and may see a correction of at least 10%. This risk aversion quickly spread to the cryptocurrency market, causing a large amount of funds to withdraw. Key support has been broken, and downside space is open  From a technical perspective, Ethereum’s moves are concerning. The key support level of $3,500, which was a strong support area formed by the July swing low, has been lost. After falling below this support area, there is no strong support below, and it may directly test the psychological mark of $3,000. Operation strategy: short on rebound, strictly control risks Based on the current market situation, today’s operation strategy should be mainly short selling on rebounds. The key points are as follows: Intraday pressure: $3,300 (the rebound will continue after a firm stand) Short-term support: $3,050 (pin low early this morning) Watershed: $3,500 (if a breakthrough occurs, the short-selling logic will be invalid) Next support: $3,000 (psychological mark, if it falls below, it may drop to 2,800) Specific operation suggestions: For short-term traders, short orders can be placed in batches when the price rebounds to the 3280-3300 area. The stop loss is set above 3350 and the target is towards the 3100-3150 area. For mid-line investors, they should remain patient and wait for the formation of a larger bottom structure before considering entering the market. In the current market environment, cash is king, and retaining strength is more important than chasing every rebound opportunity. Lao Zhao’s point of view: At the current juncture, the market has entered a panic stage. The bulls will not die, but the shorts will continue. After more than 1.6 billion US dollars of long orders were liquidated yesterday, the market is still likely to decline further. Don't try to go against the trend. In an obvious downward trend, a rebound is an opportunity to go short. Only when the market completely clears out high-leverage long positions and institutions complete low-level accumulation, will Ethereum start a new round of rebound. There are no gods in the currency world, only smart people who can read signals. Lao Zhao doesn't brag or make excuses, he only teaches you real survival skills. Follow Lao Zhao and make arrangements in advance in the village every day! If you want to follow up in real time and find Lao Zhao, we will open a position simultaneously and my profits will be shared with you.  |
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