2026.3.17 ETH Early Market Analysis$ETH

ETH rallied from the 2085 low point all the way up to the 2384 high, with gains approaching 300 points.

The 4H timeframe presents a clear five-wave bullish structure, with two main impulsive waves from 2112 to 2248 and 2272 to 2384 respectively, completing sufficient corrective consolidation in the 2233 to 2307 zone in between. Current price 2371 is oscillating in the upper range of the second impulsive wave. In early morning, a classic liquidity sweep occurred—price shot up to 2384 then quickly pulled back to 2329, followed by a V-shaped rebound back to 2371, forming wide-ranging oscillations between 2329 and 2385.

From a structural perspective, the 4H macro trend remains strongly bullish, with eight consecutive green candles in a row, EMA20 well above EMA50, and price holding firmly above all moving averages. However, the 1H timeframe shows warning signals: the pullback from 2384 forms a potential double top, and if the 2329 low breaks down, it will confirm a 1H CHoCH shift to bearish. Currently, the core range for long-short competition is between 2340 and 2385, with 2340 to 2350 being a strong demand zone (starting points of two early morning V-rebounds), and 2378 to 2385 being a strong supply zone (twice rejected at highs). The funding rate is negative 0.0014%, indicating slight bearish sentiment but with minimal magnitude.

Today's operational strategy recommends focusing on pullback buying, avoiding counter-trend short positions when the 4H trend remains intact. Wait for price to retest the 2350 to 2355 demand zone and confirm a bottom before going long, or wait for volume breakout above 2385 to chase longs. Consider shorting only with light positions when clear reversal signals appear in the 2380 to 2385 resistance zone.