Early this 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, briefly touching around $1920 before stabilizing. 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 corrective rally.

Structurally, the decline this morning effectively broke through the daily support level of $1950, which had been tested multiple times previously and served as a neckline. It has now turned 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 intent. Regarding moving averages, the current price is under pressure from the hourly MA5 and MA10 (around $1950-$1960), with short-term moving averages in a bearish alignment and diverging downward. As for indicators, the MACD fast and slow lines have formed a death cross below the zero line and are opening downward, with the bearish momentum histogram continuing to expand, showing that the correction is not over yet.

Given that the current phase is a weak consolidation within a downtrend, the trading strategy remains to follow the trend for shorting on rebounds. Focus on short opportunities after resistance is encountered during the rebound. 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 targets could be the $1900 round number.

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