6.15 Morning Ethereum Market Analysis

During the early hours, Ethereum dipped below the 1650 level, briefly supported by buying interest, but the bears did not collapse as a result. The dip itself indicates a lack of strong support at higher levels. The rebound from the decline is mainly a technical correction, and the sustainability of the V-shaped reversal is questionable. The support around 1650 will continue to weaken after multiple tests.

Currently, the rebound has reached around 1720, which is precisely the previous key resistance area. After surging to 1730, it quickly fell back, showing that the Fibonacci 23.6% level is effectively acting as resistance. The bulls failed to establish a firm footing, and the upward momentum is clearly insufficient. At present, the price is consolidating around 1720, which is essentially consuming the rebound energy. The so-called "top-bottom reversal" is unlikely to hold, as 1720, as a previous resistance level, still exerts a resistance effect. Although the four-hour candle closed positively, it remains within the overall oscillating downward framework. The moving average system has not yet formed an effective bullish alignment, and the upward space is limited.

In terms of trading strategy, consider short positions based on the resistance at 1730. The 1720-1730 zone is an ideal entry area. As long as the rebound cannot break and stabilize above 1730 with volume, the bears will regain control. The initial downside target is 1680, and if broken, further decline toward 1650 is expected.