ETH is still trading within the 1840–1956 daily chart range with no clear short-term direction yet. Yesterday saw a push higher followed by a pullback: selling pressure above 1920 remains明显, and the 1-hour rebound failed to break the downward trend since 1982, so the high-point structure has not yet been reversed. However, the bears have also not continued to expand their downside volume to probe below 1850, which suggests that support below is still in place. This means the market is currently in a phase of directional choice after a compression between bulls and bears.
For the short term, pay close attention above at 1925–1940. A break above 1925 only signals strengthening of the rebound. If price can further increase volume and hold above 1940, the bull structure would then improve significantly, with a subsequent retest of 1956. A breakout above 1956 with volume would confirm that the daily range box opens to the upside.
On the downside, watch 1870–1850–1840. If 1850 breaks, the short-term trend would weaken further. But 1840 is the key defensive level on the current daily chart. If the body breaks below with strong volume and cannot be quickly reclaimed, then the larger range would be broken to the downside, and the focus would shift to 1820–1800.
Today’s second retracement (the “second pie”) looks notably weak rather than a strong rebound. Be cautious: around the 1920 area at high levels, if it cannot form a breakout to the height of 1925, or if it dips with a quick spike (a “needle”) toward around 1935 and then falls back, the short term will continue to face pressure.
Current conclusion: choppy/sideways with a slight bearish bias, but neither side has clear advantage. As long as 1840–1956 has not been broken, treat it as a broad range consolidation. Reduce trading in the middle zone and focus on waiting for a boundary breakout with increased volume to choose a direction.
For the short term, pay close attention above at 1925–1940. A break above 1925 only signals strengthening of the rebound. If price can further increase volume and hold above 1940, the bull structure would then improve significantly, with a subsequent retest of 1956. A breakout above 1956 with volume would confirm that the daily range box opens to the upside.
On the downside, watch 1870–1850–1840. If 1850 breaks, the short-term trend would weaken further. But 1840 is the key defensive level on the current daily chart. If the body breaks below with strong volume and cannot be quickly reclaimed, then the larger range would be broken to the downside, and the focus would shift to 1820–1800.
Today’s second retracement (the “second pie”) looks notably weak rather than a strong rebound. Be cautious: around the 1920 area at high levels, if it cannot form a breakout to the height of 1925, or if it dips with a quick spike (a “needle”) toward around 1935 and then falls back, the short term will continue to face pressure.
Current conclusion: choppy/sideways with a slight bearish bias, but neither side has clear advantage. As long as 1840–1956 has not been broken, treat it as a broad range consolidation. Reduce trading in the middle zone and focus on waiting for a boundary breakout with increased volume to choose a direction.