$ETH Midday Analysis of the Second Pancake

✅Resistance levels: First resistance 2285-2300, second resistance 2315-2330
✅Support levels: First support 2265-2260, second support 2250-2240
✅Thoughts:
1. For short-term longs, only try after a pullback to support without breaking it; don’t chase highs, as the rebound is likely still a weak correction.
2. The overall trend remains bearish; rebounds are opportunities to short, especially near resistance levels.
3. Currently, volume is average; don’t expect a big trend in one direction. Focus on quick in-and-out trades, avoid holding on to battles.
Technical Logic
4-Hour Chart
It’s currently a rebound followed by a decline; it rose but didn’t stabilize, then dropped sharply.
The middle band of the Bollinger Bands has been broken below, and the price is now hovering near the lower band. The opening has also started to flatten, indicating the previous rebound momentum has waned.
The MACD red histogram is gradually increasing, indicating dominance by the bears.
The RSI has fallen to around 31, approaching oversold territory, but hasn’t turned up yet, suggesting the bears aren’t finished yet. No clear signs of a bottom have appeared for now.
1-Hour Chart
The 1-hour chart is currently a standard downtrend channel, with the price staying close to the lower Bollinger Band.
The middle band has now become a short-term resistance, and the upper band is a strong resistance level. To rebound, it must first break through these two levels.
The MACD shows a death cross, indicating weak rebound strength.
RSI hovers around 20, near oversold levels, with minor correction needs, but no momentum for a reversal is visible yet.
15-Minute Chart
There are signs of a small divergence bottom on the 15-minute chart.
The MACD red histogram is shrinking, indicating a small short-term rebound opportunity, but the rebound height will be limited.
The immediate resistance is the middle Bollinger Band (around 2284), and the upper band (2297) is a strong resistance.
Like Bitcoin, it’s difficult to push directly upward.
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