$ETH Evening thoughts:

The contract injection point and spot remain unmoved. It’s really too weak and has already broken below the 2332 support. Based on the current situation, it’s likely to revisit the 2289 level. If within three hours, the two-hour chart cannot recover and stay above 2332, then it will definitely test the 2289 support. Not breaking below 2289 will lead to a consolidation and oscillation between 2332 and 2289. If it breaks below 2289, the 2253 level will come into play unexpectedly. Once the price breaks the hourly trend marked by the yellow box, the bullish trend there will be gone, and it will continue downward to find stronger support. We’ll see where it can go then, hopefully it won’t go that way. To stop the decline and rebound, it must return above 2332 to prevent further downward movement, then it can rebound and look toward 2358-2380. Otherwise, maintaining oscillation within the 2332-2289 range without further decline is already good enough.
If the momentum continues to stay above 2330, then it will definitely go for a move between 2350-2380. If it cannot hold above 2330, then look down toward 2300-2280.

On the 4-hour chart, a head and shoulders pattern has appeared inside the box, with the neckline at 2255. As long as the two-hour chart falls below the yellow bullish trend line indicated by the red arrow, it’s not far from confirming the head and shoulders pattern on the 4-hour chart. Once the 4-hour head and shoulders pattern is confirmed, the correction on the 4-hour chart will just be beginning. The cluster marked by the white arrow below is within the range of possible decline for the momentum. This is not what I want to see. Without major negative news, it shouldn’t fall so deeply. If it really wanted to fall, it wouldn’t have just rallied and then moved sideways; it would have dropped directly. The 4-hour trend I mentioned above may not necessarily follow my subjective judgment. I just want to remind everyone: if it moves like this, you should think ahead about how to respond.
$ETH