After quickly rallying to a high of 2549.40, ETH saw a pullback. When many people saw the price drop, they immediately concluded that the uptrend had ended and rushed to flip direction to bet on a deeper retracement. But based on a careful breakdown of the one-hour and four-hour charts, this pullback is simply normal consolidation after a big rally; the overall structure of the bulls hasn’t been broken. The selling move was met with strong follow-through on absorption, and during the day there is still room to look for long setups to ride the trend and bet on a rebound and repair.
One-hour market logic

Scrolled through the one-hour chart; after the price refreshed the recent high, it quickly pulled back. However, there wasn’t a scenario of sustained selling with increasing volume that would drive it down continuously. After the pullback, buy-side funds entered quickly to absorb, and the lows didn’t keep breaking lower. After the short-term moving averages were briefly pierced by price, they quickly re-formed as support to hold up the candles. The lower end of the trading range has been gradually lifting.