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Currently, ETH is repeatedly oscillating around $2000, and the overall structure remains bearish.
After a decline from 2096 down to 1965 earlier, there was a technical rebound, but the rebound strength was clearly insufficient.
This morning, it briefly surged to around 2037, then the bullish volume quickly diminished, and the price fell back to test the 2000 level, only stabilizing temporarily after touching around 1992.
From the trend perspective, ETH is still in a weak oscillation phase, performing noticeably weaker than Bitcoin.
In the short term, focus on the 2000 level:
If it holds above 2000, there is a chance to continue challenging the resistance zone at 2030-2050;
If it breaks below 2000 and remains under pressure, then support around 1960 needs to be watched.
Although the weekly chart has entered a historically extreme oversold zone, and a corrective rebound could happen at any time, before the trend truly turns stronger, the rebound should still be viewed as a correction.
The market has entered a critical turning window; patience is needed to wait for the direction to be chosen, rather than blindly guessing the bottom.