Last night's ETH can be described as being pulled back and forth by news sentiment.

The escalation of tensions between Iran and Israel initially triggered market risk aversion, causing ETH to drop rapidly; then, Trump signaled that negotiations were progressing smoothly, easing market sentiment, and the price rebounded from the lows.

However, from the current trend, the rebound is just that—a rebound, and the overall trend has not truly reversed.

Although the price has regained the 2000 level, resistance in the 2005-2015 range above remains evident, and the bulls have not yet regained control.

From a technical perspective, the short-term movement is a recovery after an oversold condition, with bearish momentum weakening, but trading volume has not significantly increased, so it appears more like a rebound rather than a reversal.

Next, focus on two key levels:

Whether support around 1988 below is effective;
Whether the resistance in the 2008-2015 range above can be broken.

The market has reached a critical point.

Whether it continues to recover and rebound or revisits lows will be answered soon.

The most important thing in trading is not guessing the direction, but waiting for the market to reveal its trend.