Hong Kong, April 24, 20:33 PM, ETH Market Price Action Analysis

After the market experienced a panic sell-off (Selling Climax) at the low of 2285, bullish sentiment became extremely pessimistic, while retail long positions still remain as high as 56%. This forms a stark contrast with the holdings of top traders, which are nearly balanced. This structure of “retail bullishness and top-tier calm” often leads to a stronger rebound after luring and clearing out retail long orders.

Three-cycle confluence summary: Daily bullish momentum is fading, 4H is dominated by a bearish dead cross, and the 1H shows a weak rebound. Trading in the direction of the larger trend (shorting) has a higher probability and a better risk-reward ratio.

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Reference Short
2352———2362 (Follow the trend, prioritize doing)
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Reference Long
2272———2248 (Trade against the trend, do with light position sizing)

ETH Pressure Levels

First pressure: around 2352

Second pressure: around 2362

Third pressure: around 2392

Fourth pressure: around 2409

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ETH Support Levels

First support: around 2300

Second support: around 2272

Third support: around 2248

Fourth support: around 2220


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