$ETH Ethereum is currently in a weak oscillating trend, showing a pattern of rising and falling within 24 hours, with the intraday high reaching 2330 before continuously retreating, and the low dropping to 2265, with an overall decline of nearly 2%. The trend is clearly weak, with short-term bears dominating.

From the market movement, the 2300 resistance level above the second pancake formation shows obvious suppression, and multiple rebounds have failed to break through effectively. The further resistance zone between 2310-2330 is a strong pressure area. As long as the price cannot stabilize above this zone, bulls will have little room for sustained effort, and after rebounds, the price will still return to a downward rhythm. The 2265 level below is the short-term support for the day and a key point in the current battle between bulls and bears. If this level is broken, the price will further probe the core support band of 2250-2220, and may even reach the 2200 defense level.

Currently, market sentiment is very cautious, with capital flow leaning towards prudence. The overall trend favors bears, with retail long positions relatively concentrated, which can easily trigger a shakeout by major players. After the non-farm payroll data is released, volatility will intensify further, and rapid intraday spikes are highly likely.

In terms of operation, maintain a trend-following approach, avoid blindly chasing longs, and wait for the price to rebound to the 2300-2320 zone to confidently establish short positions. Place stop-loss strictly above 2340, with the first target at 2265. If broken, continue holding and look for 2220-2200.