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🎁 Gate APP has been updated to the latest version v8.0.5. Share your authentic experience on Gate Square for a chance to win Gate-exclusive Christmas gift boxes and position experience vouchers.
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Looking at ETH's recent trend, I think this breakout is more likely just a rebound.
Why do I say that? Mainly because the previous sideways consolidation lasted too long, and combined with this strong reversal market, the bears have been mostly wiped out, and everyone is turning to the bulls. But markets can deceive, and candlestick charts can easily create illusions. Remember how it looked when it dropped from 2620, and you'll understand.
My prediction is that ETH will form an upper shadow around 3350 and then continue downward. If you still hold short positions, there's no need to rush to cut losses; you can hold on. The decline will be very fast when it breaks through, and that will be an opportunity to get in.