This wave of coordinated decline once again confirms our bearish judgment. Ethereum has been dropping from 2329.99 all the way down, now at 2192.90, a decline of 2.90%, with the market moving in sync with Bitcoin, and the long-short strength in the futures market has completely tilted toward the bears.

On the 15-minute chart, after the moving average system formed a death cross, it continued downward, and the price's rebound has never been able to break above the moving averages, indicating that the bulls have no ability to reverse the current downtrend. Every rally is a trap to lure in hopeful bottom-fishers. Currently, the market is highly correlated; as Bitcoin continues to fall, Ethereum also finds it difficult to move independently.

Trading suggestion: Focus on short positions. Aggressive traders can short directly at the current price of 2192.90. Conservative traders should wait for a rebound to the 2205-2225 range before entering. The initial targets are 2170-2130, and if broken, look at 2100 and 2080. Stop-loss levels must be strictly set according to position size.