6.11 ETH Evening Market Analysis

ETH rebounded from 1504 to above 1660, but there was no sustained volume-driven rally; instead, it started oscillating around 1640.
Many people think this is a sign of a top, but I lean more towards believing that the main players are digesting short-term profit-taking.

The reason is simple:
The people who bought the dip around 1500 have already made nearly 10% profit, and the panic sentiment after the continuous decline by the bears has also been mostly released.
This position is neither an absolute high nor an absolute low; the market is waiting for new chips to exchange hands.
From a structural perspective, the 1615-1625 range has formed a short-term support zone. As long as it doesn’t break, the overall rebound structure is not over.
Above, the 1665-1685 zone is currently the biggest trapped pressure area. Once broken, the market may accelerate to catch up.

Market projection
Bullish scenario:
Pull back to stabilize at 1635-1640 → Test 1665 again → Breakout targets 1680-1700
Bearish scenario:
Break below 1620 → Bullish structure invalidates → Watch 1590-1600 support
Trading strategy

Long positions:
Gradually enter around 1635-1642
Stop loss: 1618
Targets:
1665-1680-1700
Short positions:
Participate if resistance at 1675-1685 holds
Stop loss: above 1700
Targets:
1650-1630

Core view
ETH is currently in a high-level consolidation phase after the rebound.
The longer the oscillation lasts, the greater the potential for a strong move in the future.
As long as 1615 is not broken downward, I maintain a bullish-leaning oscillation view.
Don’t rush to guess the top; the main players often continue to push higher when most people are bearish.