Recently, ETH's price trend has remained weak, with multiple attempts to rebound but consistently failing to effectively stay above the EMA moving average group. Every upward push has ended in a retreat, indicating a clear lack of bullish momentum, and the short-term bearish pattern remains unchanged.

From the current market situation, there is heavy resistance above, with the 2320-2350 range forming a dense area of selling pressure, a large number of trapped positions and sell orders accumulating, creating an insurmountable gap for the bulls.

Especially at the 2330 level, which is a short-term dividing line between strength and weakness—if the price cannot break above this level with increased volume, all short-term rebounds can only be considered weak corrections rather than trend reversals. Traders should avoid blindly chasing long positions.

Support levels below are also clearly defined, with the 2220-2200 range serving as the most immediate horizontal support zone and the last key defensive line for the bulls. If this area is broken, the downside space will open up completely, with a high probability of a short-term decline to 2180, or even further down to revisit the deep zone at 2118, confirming a bearish trend.

However, it is worth noting that there are subtle signs of a technical turnaround. Although the bottom MACD is still below the zero line, indicating a bearish dominance, the histogram has begun to shrink steadily, showing a gradual weakening of bearish momentum; simultaneously, the fast and slow lines are showing a clear golden cross at low levels, hinting at a short-term small-scale oversold rebound demand, and a technical correction could start at any time.

Overall, ETH is currently in a contradictory phase of "weak oscillation + rebound buildup": the medium-term bearish trend remains intact, with heavy resistance above, but after an oversold condition in the short term, there is a need for a correction.

In terms of trading, short-term traders can consider light positions to bet on oversold rebounds with strict stop-loss settings; mid-term strategies should focus on monitoring the 2200 support and the 2330 breakout, then adjust strategies accordingly!