Evening Thoughts

Ethereum's 4-hour timeframe remains weak: both the 4-hour candlesticks have broken below the middle band of the Bollinger Bands, the KDJ indicator has a death cross downward, and the MACD is shrinking and about to cross downward, indicating that the larger cycle correction trend has not ended. The current rebound is only a technical correction on the hourly chart, not a reversal signal.

Overall, Ethereum's short-term resistance levels can be divided into three tiers:
The first resistance is at 77,680-77,800, near the current area, which is a dense trading zone below the middle band of the 1-hour Bollinger Bands, and also the edge of the starting platform for this round of decline. The hourly rebound needs to break above this level to be considered a short-term correction of weakness. If it cannot break through, the price is likely to fall back and test the previous low.

The second resistance is at 78,300-78,500, corresponding to the second-highest point of this decline, and the core resistance zone of the 1-hour Bollinger Bands middle band. It is a defensive line for the bears. Only with increased volume and stabilization in this range can the downward structure on the hourly chart be initially broken, opening the possibility of higher exploration.

The third resistance is at 79,100-79,400, corresponding to the upper bands of the 1-hour and 4-hour Bollinger Bands, and also near the high point of this upward move. The probability of a short-term rebound reaching this area is very low unless there is extremely strong bullish volume. Otherwise, it is likely to encounter resistance and fall back within this range.

Trading Suggestions
Ethereum around 78,500, target around 77,500
Ethereum at 2,350, target around 2,310