Monday Morning, December 8｜ETH Plunges 150 Points Then V-Shaped Rebound to Trap Longs, Bearish Strategy Remains Unchanged!

After weekend consolidation, ETH suddenly experienced a waterfall drop last night, plummeting straight from 3052 to a low of 2903, shedding 150 points. The previous bearish outlook has played out perfectly, with maximum profits for the bears! In the early morning, the price made a V-shaped rebound to 3150 but met resistance and pulled back, currently consolidating around 3070. Bulls are lacking momentum on rallies, with clear signs of a bull trap.

From a technical perspective, the 4-hour chart shows upward pressure. Although it appears to be reversing, the bullish momentum is actually exhausted and unable to break resistance in the short term. The bears haven't fully released their power yet, so there's still room for further decline. The core strategy is to focus on short positions at highs; any rallies are opportunities to go short. Do not be misled by short-term rebounds into blindly chasing longs.

Core Trading Recommendations

- Entry: Go short in the 3100-3150 range
- Target: First target 2950-3000 area
- Breakout extension: Look down to the 2900 level $BTC $ETH