6.16 ETH Analysis

ETH 1-hour cycle completes an upward drive with five waves, currently fully operating ABC correction wave structure, with this round of Wave C retracing down to 1757.36, aligning with Fibonacci 0.618 golden ratio support, currently only a minor rebound within the correction wave, not indicating a trend reversal condition. Bollinger Bands continue to converge, with the upper band at 1850.24 turning downward, indicating medium-term bearish pressure; the middle band at 1798.48 and the 0.382 retracement level form a resonance strong resistance, locking in the rebound zone, with the lower band at 1746.72 serving as the next phase of bearish target support.

Although KDJ shows a pre-golden cross in the oversold zone, the bullish momentum is weak, only a technical oversold correction, lacking sustained bullish volume resonance signals, so the rebound is likely to face resistance and fall back. Multiple dimensional composite signals resonate with a bearish bias.

A short-term rebound to the 1798 resonance pressure zone can be used to set up a short position, with the first target at the 1757 intraday low. A volume breakdown below this level would target the 1746 Bollinger lower band; only a volume-supported stabilization above the 1798 resistance zone can overturn the short-term bearish logic. Technical analysis is for review reference only; cryptocurrency volatility risks are extremely high. $BTC $GT $ETH