6.9 Tuesday ETH Evening Thoughts

Ethereum's price today closely follows Bitcoin, maintaining a generally weak oscillation with insufficient rebound momentum. Influenced by US economic data, the market has delayed expectations of Federal Reserve rate cuts, with US bond yields remaining high. Coupled with slight outflows from Ethereum ETF funds and slow regulatory implementation, institutional funds are in a cautious wait-and-see mood. Relying only on the ecosystem's fundamentals, it can only slightly resist declines and cannot form an independent trend.
Technically, the daily chart shows a clear bearish trend, with prices under pressure from medium- and long-term moving averages, and indicators continuing to weaken. Rebounds are just corrections within a downtrend. The 4-hour chart has entered oversold territory, leaving only a small rebound space, making it difficult to break through the middle band resistance. The hourly chart shows a bearish moving average alignment, mainly consolidating with downward declines. In the evening US session, there is a high likelihood of spike traps and long-short liquidations.
On the operational side, focus on the two resistance levels above, as selling pressure increases the higher the price rises; the lower stage's recent lows are important support levels. Breaking below them would trigger a new round of decline. Before the rate cut expectations improve, the market is likely to continue grinding sideways.
Trading suggestion: rebound to 1685-1705 to look for short opportunities, with a target of 1650; if broken, $BTC look for 1600.