June 16 Early Morning Analysis

The one-hour cycle in this round's bullish move has formed a standard five-wave impulsive structure, with the price reaching the 67,250 chip-intensive supply zone to build a failure top. The market shows multiple resonance divergence structures, with MACD and RSI simultaneously forming new highs while momentum fails to follow, indicating hidden bearish divergence. Coupled with shooting star and engulfing bearish candlestick patterns, bullish momentum has completely entered a exhaustion phase.
At the end of the rally, liquidity siphon effects diminish, active buying continues to decrease in volume, floating profits in the market are concentrated in profit-taking, and order flow shifts to a persistent net outflow. The volume-price divergence confirms a gap in incremental funds chasing the rally, and the stage for a reversal point has already formed.

From a moving average perspective, the price forms an extreme deviation rate with the EMA30 medium-term moving average, indicating a forced correction of divergence in technical terms. The short-term EMA7 has completed support-to-resistance replacement; the current price remains under continuous pressure below the dynamic moving average, and the previous bullish moving average arrangement is gradually loosening and disintegrating.
Above, the supply resistance zone between 67,200 and 67,250 is stacked with many take-profit orders. Without a large increase in buy volume to break through, the bullish rebound space will remain limited.

The market is about to enter an ABC correction wave cycle. After a short-term breach of the EMA7 dynamic resistance, the initial downward target is the 66,300 previous demand support platform. If this support level is lost, a deep correction will directly reach the 65,740 mid-term EMA.
From a risk control perspective, locking in the 67,250 extreme high point as a falsehood boundary for the bearish structure, a volume breakout above this level invalidates the bearish logic. Currently, the supply pressure zone is being tested in stages for short positions, with a stepwise downward space after the bullish drive wave ends.

Trading suggestion: 67,500-68,000, $ETH target 65,500-66,000.