ETH Spot Trading Strategy$ETH

ETH is driven by news sentiment, with buying momentum surging in aggressively, causing a violent rally from around 2000. The highest point reached above 2270, accompanied by massive volume. In the short term, the bullish market sentiment has been released, and it will be difficult to break new highs in the coming days. The market is expected to enter a consolidation and correction phase. We will operate within a range, going short at the highs and long at the lows, avoiding chasing one-sided moves!

From a technical perspective, 2200-2240 is a dense trading resistance zone following the previous rally, and it is also a strong resistance level at the round number. Rebounds to this range will encounter significant selling pressure. Therefore, consider short positions around 2200-2215, with a strict stop-loss at 2246. Targets are sequentially set at 2160 and 2120, providing ample profit potential on pullbacks.

Below, the 2140-2100 zone is a critical support area for this rally, representing the core defense level for the bulls. A pullback to this zone is likely to attract buying support. Once stabilized, long positions can be established around 2140-2153, with a stop-loss at 2105. The target is 2200-2240.

Currently, ETH is around 2180. Whether long or short, trade the position that gets filled first.