Ethereum is now in a downtrend channel. Although it's currently above an ascending trendline, the rebound is weak and the current movement resembles the previous drop from 3300 to 3000. Only by breaking out of this downtrend channel and not breaking below the trendline can we look higher at short positions at 2160-2220, 2297-2314, and 2357-2388. You can take positions in batches using a pyramid approach. For longs, pay attention to 1920 for a bounce trade, but be sure to set a stop loss. If it breaks below the last ascending trendline and fails to retest above it, you must stop out.

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