Ethereum’s current price action is quite interesting. Yesterday, it bounced after retracing to around the 0.618 Fibonacci level. That spot was actually a good entry point, but if you missed it, it’s gone—personally, I don’t want to chase longs at this price.

If I’m looking for shorts, I’ll be watching the 3175 downtrend line. For a breakout trade, I’d wait for it to push above but fail to hold, looking for a false breakout with a bearish engulfing pattern before considering an entry. For a limit order (left-side trade), the 3260-3270 resistance zone is an option, with a stop loss around $40 above, which gives a fairly reasonable risk-reward.

As for going long, the 0.618 level below isn’t suitable for pre-setting positions anymore. If you really want to go long, I’d suggest watching for price reaction on the right side, or wait for it to test the trendline support around 2800-2780 again—that would be a safer spot.