Evening market data update analysis

ETH has once again plunged after reaching a rebound high near $3,034, and is currently retracing and testing the last line of defense around $2,950.
For the current market data, here are the entry strategies:
1. In-depth analysis of market data status
• 1-hour/4-hour level (bearish reversal): ETH has made a second drop after forming an "M top." The MACD green bars have disappeared and turned into red bars, and the price has once again fallen below the Bollinger midline for the 1-hour and 4-hour.
• 15-minute level (is it a trap or confirmation?): The price is currently reported at $2,967, having dipped to a low of $2,945 before a slight rebound. Please note that this $2,945 just happens to intersect with the "large-scale long liquidation zone" we mentioned earlier.
• Volume Signal: A significant increase in red bars appeared at $2,945 on the 15-minute chart, indicating a large number of long positions were forcibly liquidated, but there is also capital stepping in to buy.
2. Core Entry Strategy Recommendations
Given the current game period at the key support level of $2,950, I do not recommend rushing to make a move at the current price ($2,967), but rather adopt the following two "extreme point" strategies:
Strategy 1: Go long, risk is higher than short (aim for a "golden pit" rebound)
• Entry point: $2,915 - $2,935 range.
• Logic: As long as the liquidation wave of $2,945 has not been fully absorbed, there may be one more "deep stab" to clear the last of the high leverage. $2,900 is a strong psychological and daily support level.
• Stop-loss: $2,880 (if it falls below this, the trend is completely broken).
• Target: Short-term view back to $3,020, long-term view back to $3,150 (Christmas rally).
Strategy 2: Secondary Re-entry of Short Position (Follow the Trend)
• Entry point: $3,005 - $3,020.
• Logic: Since $ETH was $3,060 before, and the short position at 3030 has been profitable, it indicates that the current trend still favors high shorts. If the rebound cannot stabilize above $3,020 (1-hour Bollinger middle band), it will trigger the third wave of decline.
• Stop Loss: $3,045.
• Target: $2,880.
Summary: The risk of going long on the left side is high, while the risk of going long on the right side is low, and the risk of shorting on the rise is low. The current market situation is very "weird", belonging to the "spike and clear leverage" stage.
Key point!!! Maintain a flat position, place a light long order at the current price between $2,910 - $2,925. This type of order is most likely to occur after a sudden drop in liquidation during the night, quickly recovering, with great profit potential and relatively controlled risk.
➕If you want to short: Please do not short at the current price, as a liquidation wave at $2,950 may be followed by a rapid surge after a false breakdown. Wait for it to pull back to the resistance zone of $2,995 - $3,010 before entering.
➖If you want to go long: The highest probability opportunity is between $2,890 - $2,910. You can do it in two steps:
• Place a buy order for 1/3 of the position at $2,915.
• Place a buy order for 1/3 of the position at $2,885.
ps: The 2900 level is the psychological defense line for all bulls!
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