$ETH Crypto Circle Academician: Did Ethereum fall below 2300 on May 8th? Is this wave of volatility a shakeout or a continuation of the decline? Latest market analysis and trading suggestions

Ethereum's current price is 2295. Is this wave of shakeout just confusing many people again? From the high point above 2400, it dropped down, now bouncing around near 2295. Many friends who chased the high are probably holding their positions now. Those who closed intraday longs have stopped losses, and trend traders have entered the market. The crypto market is all about rhythm. This isn't a one-sided decline but the main force clearing out floating positions. I’ll break down the key signals on the daily and 4-hour charts clearly for everyone—where is resistance, where can you bottom fish, how to set stop-losses—all explained clearly. After reading this, next time you encounter this kind of volatility, you won't be caught in the chop and chop again.

The daily K-line shows a 2.32% intraday decline, closing with a candlestick with upper and lower shadows. The price retraced to near the middle band of the Bollinger Bands. Currently, it is being resisted at the EMA15 line of 2314. Support levels are at EMA30 of 2286 and the lower Bollinger Band at 2247. The MACD indicator shows the red histogram continues to shrink, DIF is turning downward and approaching DEA, indicating that the northbound momentum is clearly weakening. The Bollinger Bands are slightly narrowing, with the upper band at 2385 acting as strong resistance, and the lower band at 2247 providing support. In the short term, it’s in a correction phase after high-level oscillation, still operating within the 2200-2400 range, without a clear breakdown signal.

The 4-hour Ethereum price has broken below the short-term moving averages EMA15 and EMA30, currently around 2296, with obvious resistance at EMA60 of 2329. The MACD green histogram continues to enlarge, DIF crossing below DEA to form a death cross, indicating downward momentum is being released. The middle band of Bollinger Bands at 2338 is a strong short-term resistance. The current price is hovering near the lower band at 2298. The KDJ indicator has entered the oversold zone, suggesting a short-term technical rebound is needed. However, the moving averages are starting to slope downward, limiting the rebound height. There is heavy selling pressure in the 2320-2340 zone above. Key support levels are at 2270 and 2250. If it breaks below 2270, it may further decline toward 2220.

Short-term reference: (Practical data has been updated, for details consult the author)

Support from 2270 to 2290, stop-loss at 2230, target 2320 to 2350

Resistance from 2350 to 2380, stop-loss at 2410, target 2290 to 2250

Many crypto friends are asking: Is the decline over? Can I bottom fish? Stop looking for answers everywhere! During volatile markets, it’s recommended to reduce leverage, control position sizes, avoid frequent trading. The essence of trading is survival, profit comes second. #BTC回调