ETH Current Market Analysis

Price currently around 1570
MA7, MA30, EMA moving averages all diverging downward
BOLL middle band continuously pressing down, price always trading below the middle band
Every rebound fails to hold above previous highs, forming lower highs
A large amount of chips and trapped positions piled up above the heat map
Indicating that the current market logic is still:
A dip → sideways consolidation → another dip
Rather than a bottom reversal.
Resistance levels above
1590-1605 first resistance zone
1620-1640 strong resistance zone
Around 1680, a dense area of chips
As long as it cannot break above 1600, the bearish structure remains unchanged.
Support levels below
Around 1550 short-term support
Previous low at 1538 key support
If it breaks below 1538,
The next target likely to be seen:
1510-1500 area
And possibly even sweeping liquidity below 1500.
Trading ideas
Currently most afraid of chasing longs.
Because the market makers are clearly:
Unable to push higher, unable to fall deeply, continuously grinding people.
This kind of movement is specifically designed to trap bottom-fishers and hold longs.
Short-term focus:
Bearish mindset below 1600
Whether 1538 breaks
If volume increases and it stabilizes above 1605, then look for a continued rebound
In one sentence:
ETH is currently in a slow bleed market, the bearish trend is not over, 1550 and 1538 are key defensive lines, breaking below 1538 likely means continuing to seek a bottom around 1500. 📉#ETH