$ETH You open the K-line, don’t listen to any news, the chart will speak for itself.
**Weekly level: This is the first time since the bull market in 2021 that it has broken this line.**
This is the ascending trend line of Ethereum that has lasted four years. 312 didn't break, 519 didn't break, and the FTX collapse didn't break it either. Last month, the solid bearish line closed below, and this week it rebounded to the lower edge of the line, precisely blocked and fell back.
This is called an effective breakdown. It’s not a spike; it’s the closing price confirmation.
**Daily line pattern: The head and shoulders top has completed.**
Left shoulder in January, head in March, right shoulder in early April. The right shoulder is lower than the left shoulder, indicating a standard weak structure. After the neckline was broken, it rebounded, but once it touched the position, it softened, and the volume was half of that of the left shoulder.
Rebound with no volume, and downtrend with increasing volume. In textbooks, this is called the “last escape window for bulls.”
**Exchange rate pair: ETH/BTC key position has broken and hasn’t returned.**
Weekly level consecutive bearish, unable to produce even a decent bullish line in the rebound.
The exchange rate reflects the attitude of capital. This is not an issue with Ethereum itself; it’s its relative value in the entire crypto asset market that is being reassessed.
**Moving average structure: All cycles are in a bearish arrangement.**
Short-term moving averages have crossed below long-term moving averages, and the weekly moving average has been pressing down on the K-line for two months. Whenever there’s a decent rebound, the first target is always to touch the short-term moving average, and then continue downwards.
This is not a washout; a washout does not resonate down across all cycles.
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**Technical analysis in three sentences:**
Once a trend is formed, it will not end easily.
A breakdown and rebound confirmation is a signal to open positions, not a chance to miss out.
You think “it has fallen too much,” but the chart never thinks so.
**If you don’t open a position now, wait for the next bearish line to break the previous low, you can only ask in the comments, “Can I still chase shorts?”**
#ETH #ShortEthereum #WeeklyBreakdown #HeadShouldersTop
#ExchangeRateCollapse #MovingAverageBearishArrangement