Ethereum ETH Market Analysis for May 29 (Current Price ≈ $2005, 24H -0.9%)

⚠️Risk Reminder: Cryptocurrency volatility is extremely high; analysis is for market reference only and does not constitute any investment advice.

1. Market Overview

The overall market is weakening, with Bitcoin declining in tandem, putting pressure on ETH. Market sentiment is extremely fearful (Fear & Greed Index at 22). Over the past 24 hours, long positions across the entire market have been liquidated en masse. ETH has been oscillating around the $2000 psychological level. The weekly chart shows continuous downward candles, with a weekly decline of about -2.6%, and a monthly drop exceeding 10%. The overall trend is in a downward channel, consolidating at the bottom.

- 24H Range: $1968~$2032, trading remains active, selling pressure has not fully cleared.

2. Key Price Levels (Short-term 4H Level)

Resistance (from top to bottom)

1. First Resistance $2050~$2080: Short-term moving averages + previous accumulation zone, the primary resistance during rebound, only a break here may signal a trend reversal.
2. Strong Resistance $2110~$2150: 20-day moving average + Bollinger middle band, breaking this zone could temporarily ease the bearish trend.

Support (from bottom to top)

1. Short-term Lifeline $1980~$2000: Current psychological level, tested repeatedly within the day, holding this level may lead to narrow-range consolidation.
2. Strong Support $1930: Previous dense buy zone, a decisive break below could open the downside space, with the next targets at $1840~$1800 (institutional buy orders concentrated in this zone).
3. Extreme Support $1740: Historical bottom position, mid-term major bottom area.

3. Technical Indicators

1. Moving Averages: Price remains under pressure across all short-term moving averages.