2026-03-09 01:35:23

Today at dawn, the Ethereum market continued its decline in tandem with the overall market. Selling pressure persisted, and the pace of decline accelerated after breaking the key support at $1950, reaching a low of around $1920 before the decline halted. The market then entered a technical correction and has now rebounded to approach the $1936 level, fluctuating around it. From the strength of the decline at dawn, it is clear that seller momentum remains strong, and no clear volume appeared during the rebound, indicating a correction after a sharp drop.

Structurally, the decline at dawn effectively broke the support level of $1950, which had been confirmed multiple times previously as the neckline, and has now turned into an important short-term resistance. In terms of candlestick patterns, after continuous bearish candles on the hourly chart, rebounds are often composed of small candles or doji stars, indicating weak bullish intent; on the moving average system, the current price is under pressure from MA5 and MA10 on the hourly level, in the $1950-1960 region, with short-term averages showing a bearish arrangement and diverging; as for indicators, the fast and slow MACD lines, after forming a bearish crossover below zero, are trending downward, with the selling momentum histogram increasing, indicating that the correction is not over yet.

Since the market is currently in a weak correction phase within the downtrend, the preferred strategy is to sell on rebounds in line with the trend, focusing on selling opportunities after the price faces pressure during rebounds. It is recommended to enter in stages near the $1950-1960 region, with a stop-loss above $1980, and the first target at the dawn low of $1920. If this level is effectively broken, consider $1900 as an additional target.

Risk warning: The market is highly volatile. This analysis is for reference only, and execution should be based on real-time market changes, with strict risk management.

ETH2.44%

View Original

CryptoHaoGe

2026-03-09 00:05:25

This early morning, Ethereum continued its weakness along with the broader market decline. The bears maintained pressure, and after breaking below the key support level of $1950, the price accelerated downward, with the lowest touching around $1920 before the decline was halted. Subsequently, the market entered a technical correction, currently rebounding to around $1936 and consolidating. Based on the downward momentum from this morning, the bearish force remains strong, and the rebound has not shown significant volume increase, indicating a typical quick drop followed by a rebound correction.

Structurally, the early morning decline effectively broke through the daily support level of $1950, which had been tested multiple times previously and served as a neckline. It has now transformed into a short-term resistance. In terms of candlestick patterns, after consecutive bearish candles on the hourly chart, the rebound candles are mainly small bullish candles or doji stars, indicating weak bullish counterattack intentions. Regarding moving averages, the current price is under pressure from the hourly MA5 and MA10 (in the $1950-1960 range), with short-term moving averages showing a bearish alignment and diverging downward. On the indicators, the MACD fast and slow lines formed a death cross below the zero line and are opening downward, with the bearish momentum histogram continuing to expand, indicating that the correction is not over yet.

Given that the current phase is a weak consolidation in a downtrend, the trading strategy remains to follow the trend for shorting opportunities after rebounds. It is recommended to enter positions in batches around the $1950-1960 area, with a stop-loss above $1980. The initial target below is the early morning low of $1920; if this level is effectively broken, further downside toward the $1900 level can be considered.

Risk reminder: Market volatility is high. This analysis is for reference only. Specific operations should be based on real-time market conditions, and strict risk management should be implemented. #2月非农意外负增长 $ETH

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.