From overnight to the morning session, Ethereum as a whole has followed a rhythm of retracement after a pullback, followed by renewed oscillation and pressure. During the midnight phase, after completing low-level consolidation around 2100, the market bounced back, with coin price rising steadily to around 2159. During this period, the disk center of gravity shifted upward, and although there were brief pullbacks mid-journey, the overall trend maintained high-level oscillation, indicating this early morning rebound is more of a technical correction after the previous decline. However, upon reaching the early morning high, the market failed to form further breakout with volume expansion, but instead gradually gave back gains at higher levels. Currently trading back around 2137, the profit space pulled up earlier is being reabsorbed by the market, also suggesting insufficient buying support at current highs, and short-term sentiment remains cautious.

It can be seen that the current 1-hour level is still in the consolidation phase after rebound. Continuous upside probing failed to hold above the previous high area, indicating significant resistance above, while the 4-hour level shows a weak recovery pattern after decline. The overall structure has not truly reversed; rather, upon approaching the dense trading zone above, momentum attenuation appeared again. The 2100 area is the current key support zone in the short term. Once broken, subsequent moves could likely test 2085 or even lower support levels. The 2160-2180 zone above remains a key resistance band in the short term. Before successfully stabilizing above it with renewed volume, the market is more inclined to maintain a pullback from highs. Therefore, the subsequent trading direction remains clear with shorting as the main focus, relying on rebound resistance to continue watching for pullbacks, avoiding blindly chasing longs. Currently, the short side maintains the initiative.#Gate13周年全球庆典 $ETH