Ethereum is completely finished, long-term may reach 1800

Bitcoin has been under pressure since the high of 2713, entering a deep downward channel. The 1-hour technical analysis and market sentiment are resonating, clearly indicating a bearish trend.

Technically, the previous key support level of 2300 has been broken. The rebound after the low of 2103 is weak, with trading volume continuously shrinking. This is a typical consolidation pattern in a downtrend, and the risk of further breakdown and decline is increasing.

On the market side, the weakness of Bitcoin has led to a correlated decline, becoming the direct cause of Ethereum's weakness. On the macro front, the Fed's rate cut expectations are cooling down, U.S. Treasury yields remain high, and market risk-averse sentiment is rising. Cryptocurrency market liquidity is further being drained, with funds rapidly shifting to traditional safe-haven assets like gold. The buying support for Ethereum has been severely weakened. Looking at the long term, breaking 1800 is not far away!

Overall analysis suggests that the downward trend of Ethereum will continue.

Trading suggestion: rebound to the 2280-2300 range to establish short positions, with the lower target at 2100-2150. If broken, continue to watch 2000. Long-term target is 1800.