The overall market situation of Ethereum on the previous trading day was in a downward oscillation. In the morning, it rebounded near 2312 but fell back under pressure. In the evening session, although there was a rebound near 2288, it did not break the high point and fell to find support near 2233 before rebounding again near 2285. The decline was halted at 2220, and the current market is oscillating near 2245.

Yesterday, Changlu suggested a defensive short strategy for the rebound in the morning and made several short-term trades during the oscillation period. However, the first wave of decline was not captured. A long position was established near 2230-35, and both long and short positions were profitable.

Ethereum market analysis: From the monthly chart, the rebound failed to break through the resistance near the upper rail at 2255. Yesterday's rebound near 2312 formed a large bearish candlestick, touching the 5-day moving average on the downside. Changlu also indicated in real-time strategy that there would be a trend of retracement, but the depth of the retracement was unexpected, nearly 100 points. The large bearish candlestick from yesterday consumed the large bullish candlestick from the day before. Technical indicators also show a downward trend. On the long-term level, the focus is on whether there will be a trend of forming a top today. If today closes bearish, there will be an opportunity for a retracement. The support near 2185 can continue to be monitored on the downside, while the breakthrough at 2255 is of interest on the upside.

On the 4-hour chart, after yesterday's long upper shadow bearish candle, the market continued to retrace. Although there was a rebound in the early morning, it did not break the previous high, followed by a large bearish engulfing candle. From the market trend, the 4-hour chart shows a trend of forming a head and shoulders pattern. If today's rebound fails to break the resistance near the previous high of 2275 and the retracement depth is deeper than the previous one at 2185, it will form a head and shoulders pattern. Caution is advised for long positions. Today, Changlu recommends observing the rebound first. If it cannot break the resistance near 2255, defensive short positions can be entered, with support near 2220 on the downside.

Trading suggestion: Enter short positions near 2255-2280 on the rebound, with a stop loss at 2295 and a take profit at 2220-2000.

For more strategies, follow Changlu's Weibo profile @长路说币

Reminder: The strategy is for reference only. Set stop-loss and take-profit levels, and consider partial profit-taking and trailing stop-loss to protect profits and avoid giving back too much profit.

The cryptocurrency trading market is always in full swing. It is everyone's common desire to seize the opportunity and get a share. Please believe that "the only thing missing between you and financial freedom is a long road." With Changlu's guidance, you will surely achieve your cryptocurrency wealth dream faster and more steadily.

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