ETH

Since this morning, a one-sided downward trend has been underway, with weak rebound strength. Currently, there are no signs of an upward movement.
Technical Analysis
Bollinger Bands 1-Hour Analysis
The Bollinger Bands are widening downward, and the candlesticks have not stabilized above the middle band. The price has broken below the lower band and is now between the middle and lower bands, close to the lower band. The probability of further decline is high.
MA 1-Hour Analysis
MA5 failed to break above MA60, then turned downward and broke below MA10. MA60, MA30, MA10, and MA5 are all trending downward, arranged sequentially from top to bottom, indicating a clear bearish trend.
MACD 1-Hour Analysis
Both the fast and slow lines are below the zero axis, forming a death cross and trending downward. The bearish momentum is gradually increasing. Continued sideways movement at low levels may lead to an accelerated decline.
RSI 1-Hour Analysis
The two lines form a death cross, returning from the overbought zone to the normal range, with both lines smoothly trending downward in parallel.
Overall Analysis
Breakout failure leads to decline, with sideways movement at low levels, and weak upward rebound strength. The likely scenario is continued sideways movement at low levels. Last night, a test of 2900 failed to break, resulting in a rebound, but the rebound was too weak. The most probable future move is a downward break below 2900, heading towards around 2800.
Resistance: 2980
Support: 2900
Strategy: Short positions, establish initial short orders around 2950. If the price continues to rise to 2980, add positions at 1:1/2/3 ratios. Place a stop loss at 3000. If the price drops near 2900, wait and observe the rebound strength. If it does not effectively break below, take profit at 2900; if it breaks below 2900, take profit at 2840.