【$ETH Signal】Hold Cash and Watch — Downtrend Continuation, Await Clear Signals

$ETH After breaking below key support, the market enters a weak consolidation phase, with prices suppressed below the EMA20 (1973). The depth imbalance indicates persistent selling pressure.

🎯Direction: Hold Cash (NoPosition)

The current chart shows a typical weak rebound within a downtrend. On the 4H timeframe, prices have closed below the EMA20 consecutively. RSI (40) is not oversold but lacks upward momentum. Key data: Funding rate is slightly negative (-0.0029%), but open interest (OI) remains stable, with no signs of short squeeze or major exit by large players. Depth imbalance is as high as 68.6%, with buy orders concentrated below the current price (Bid thickness is 5.37 times Ask), indicating the market is waiting for lower prices to accumulate rather than actively pushing prices up.

Prices have formed a short-term support around 1935, but the resistance zone at 1950-1957 (former lows turned resistance) remains strong. Unless a high-volume bullish candle recovers the EMA20 with a significant increase in OI, any rebound should be viewed as an opportunity to reduce positions or wait. Effective support below is at the previous low of 1893 and liquidity zones on the daily chart.

Risk control core: Currently, there is a lack of high-probability trading setups. Long positions should wait until prices return above EMA20 and deep buy orders move up; short positions should wait for a rebound to the 1950-1957 resistance zone and show signs of stagnation (such as long upper shadows + declining OI). Until then, holding cash is the best choice.

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