6.13 Saturday ETH midday thoughts

As of now, Ethereum's current price is trading in the $1660-$1670 range, with a slight decline over 24 hours, and overall trading volume continues to shrink, following Bitcoin into a low-range sideways consolidation phase after the decline. The trend is weaker than Bitcoin, with the ETH/BTC exchange rate remaining in a low zone, and capital preference clearly shifting towards Bitcoin.
From the daily technical structure, all medium- and long-term moving averages are arranged in a bearish configuration from top to bottom, with the 15-day moving average at $1760 and the 30-day moving average at $1899 forming layers of resistance, with strong resistance locked around $1900. The Bollinger Bands are opening downward, and the price is running close to the lower band. The MACD indicator remains below the zero line, indicating that bearish momentum has not fully dissipated. However, after multiple tests of the $1500 support level, trading volume has gradually decreased during the decline, which is a typical sign of bearish momentum exhaustion. The $1600 level is the last defense for the bulls; if it is broken effectively, it will open the downward space toward the key level of $1460.
In the short term, the 4-hour chart shows a repeated bottoming pattern, with several dips not breaking new lows, and the lows gradually rising, indicating a weak bottoming structure. However, the rebound strength is severely lacking. The first short-term resistance is at $1690-$1710. Only by stabilizing above this range can the short-term downtrend be potentially reversed.
Trading suggestion: watch for a rebound at $1700-$1720, with a target of $1650. If broken, look $BTC toward $1600.