This afternoon, Ethereum (ETH) showed a rally followed by a pullback, remaining in a high-level oscillation after an oversold rebound.

The current rebound was mainly driven by geopolitical positive news of the US and Iran reaching a peace agreement, easing inflation expectations as oil prices fell, which temporarily led ETH to lead the gains.
However, after quickly rising from about 1710 to touch 1848 last night, the price faced resistance and pulled back, currently consolidating around 1770, with a 24-hour increase of about 9%.
Market liquidity is not solid; this rally was more due to short positions being forced to cover (short squeeze), lacking systemic inflow of new funds.
Coupled with large on-chain transfers and continuous outflows from ETFs, the rebound foundation is relatively weak.
From a technical perspective, this looks more like a rebound correction within a downtrend rather than a trend reversal.
Strong resistance zones are at 1845-1850 and 1880-1920.
Key support levels to watch are the intraday center at 1745-1750 and the vital rebound line at 1650-1655; losing these would invalidate the rebound structure.
On the macro level, the market has already priced in the Fed not cutting interest rates in 2026, and Japan’s rate hikes will also drain liquidity, continuously suppressing medium- and long-term space.
Trading suggestion: Continue with the morning strategy of retesting 1730-1760 for a buy, targeting 1770; if broken, $BTC look for 1780.