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ETH, don’t be misled by the rebound illusion—stay steadfast at 🈳
Following the “big brother” trend, this morning saw a round of brutal upside push even while still in sleep mode, directly breaking through 1700. It then quickly pulled back to 1668, rebounded again to 1710, and faced pressure there. The surge to higher levels had no continuation—such a rebound is nothing more than a normal repair after the drawdown.
Structurally, it’s still trading weak. On lower timeframes, the rebound is just a small interlude and not a reversal. On the 4-hour chart, the downward channel remains, and there’s no sign that the short-term rebound will extend. So, without a super strong bullish catalyst, it’s hard to V-turn back up. Continue to look at 🈳 during the day.
Reference: around 1700 and 1720 🈳; downside is 1620–1550.