Ethereum quickly dropped from the high of 3148, now breaking below the support of the MA5, MA10, and MA20 moving averages. The current price is at 3083.17.

From a technical perspective, the signals are indeed not very optimistic. RSI(6) is only 43.31, slipping into a neutral to weak zone. The MACD green bars continue to expand, with the divergence between DIF and DEA increasing (DIF:-8.97 vs DEA:-8.23), a typical bearish momentum signal. Buying momentum is clearly weakening, with signs of main force offloading and smashing the market.

From a trading standpoint, you can consider shorting at the current position, with a stop-loss above the previous high of 3148. The first target is 3056.79 (24-hour low), and the second target continues to be the previous bottom at 3052.43.

For trend-based trading, it is recommended to hold the position firmly. However, for short-term quick trades, it’s advisable to take partial profits near support levels to avoid being taken out by the main force exploiting breakdown patterns to further break key levels.