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ETH current price: $2319 (February 2, 21:43). The market experienced a sharp decline followed by a weak rebound within the day. Bears are in control, and a reversal in the short term is unlikely. Focus on defensive position management.

I. Quick Overview of the Core Factors

• Macro: Trump nominated hawkish Powell as Federal Reserve Chair. Market expects tighter monetary policy and a significant decrease in rate cut probabilities, putting high-risk assets under pressure.

• Market: 24-hour decline exceeds 8%, with a low of $2163. Most of the liquidations are long positions, indicating strong panic sentiment.

• Technical: No support-based decline on the hourly chart, with very weak rebounds; daily moving averages are in a bearish alignment, MACD is bearish, RSI is oversold but not turning, and Bollinger Bands are opening downward.

II. Key Price Levels (USD)

• Support: 2180-2220 (strong support). If broken, look toward 2000.

• Resistance: 2350-2400 (strong resistance). Breakout targets 2450-2500.

III. Trading Strategies

• Short-term: Watch at 2319. If rebounding to 2350-2400, consider light short positions with a stop loss at 2450, targeting 2250-2200.

• Defensive: Strictly control position size (≤30%), avoid bottom fishing. Until stabilization signals appear (such as increased volume rebound or RSI turning), mainly observe.

• Risk Management: Limit individual stop loss to ≤5%, avoid high leverage, and prevent sustained volatility.

IV. Market Outlook

In the short term, expect consolidation with a weak rebound. Panic sentiment may continue for another 1-2 days. Pay attention to Federal Reserve policy statements and capital flows; after stabilization, consider more cautious positioning.