ETH Short-Term Market Analysis: Downward Trend Unchanged, Weak Consolidation Awaiting Direction

On March 24, ETH exhibited a clear short-term downtrend, starting from the peak of $2200.11 and falling into a red descending channel. After a slight rebound from the low of $1966.20, the current price is around $1998.22, showing weak consolidation. From a technical perspective, the EMA7 and EMA30 are both in a bearish alignment and are forming resistance above the price, indicating that bears are dominating the market; although the MACD indicator shows signs of a potential turn at low levels, the DIF and DEA lines have not formed a valid golden cross, suggesting insufficient bullish momentum for a rebound; trading volume remains low, with no volume increase during the rebound phase, indicating weak capital support.

The key trading levels marked on the chart are clear: resistance at $2040 and support at $1955. Short-term trading strategy suggests a bearish outlook. Set stop-loss at $2200 and take-profit at $1950.

Overall, ETH's short-term downtrend has not fundamentally changed. If it cannot break through the $2040 resistance, it is likely to continue testing the $1900 support. Investors should be cautious of the risk of a breakdown. $BTC $ETH $SOL