🚨ETH dropped directly below the 20-day moving average ($3917) on November 3, breaking through the support line of the descending channel, with short positions being aggressive 💣.

📉 From a technical perspective, the declining moving average + RSI dropping below 37 indicates that short positions have taken control. If this wave of ETH closes steadily below the channel support line, the next step is likely to test the key support zone between $3435 and $3350. That is the last line of defense for bulls; if it can't hold, it may continue to plunge.

💪 However, don't be too pessimistic—if ETH can pull up from the current position and stand back on the moving average, then the short positions' plans will be directly slapped in the face 😎. This means the market rejects further declines, and the price has a chance to rebound back to the upper edge of the channel, reigniting hopes for a rebound 🔥.

Summary:

👉 Breaking below the channel = short positions control the situation

👉 Hold 3350 = Long positions counterattack opportunity

👉 Breaking through the moving average = short-term reversal signal

#ETH