Dragon Boat Festival, going back to my hometown, the whole family sat together for lunch.

The table still had those typical home-cooked dishes, and my eldest uncle and a few elders talked about very practical matters:

Business is hard to do this year, costs are high, payments are slow, and many things are being delayed.

When my uncle spoke, he habitually sighed and said that doing things now is not like before, many rhythms have slowed down, but he couldn't clearly say whether it's good or bad.

No one at the dinner table discussed the market, but that feeling of "the overall tightening" is actually the same.

I didn't say much at the time, I just listened.

What came to mind instead was the chart.

The recent movement of ETH is actually very clear in structure.

The main direction remains bearish, that hasn't changed.

It's just that there was a rebound structure in the middle.

The starting point is very clear, around 1600.

That area is the emotional limit of the previous decline, and also the place where the first batch of funds started to enter.

From around 1600, the price rose all the way to about 1850.

This segment is not fundamentally a trend reversal, but a rebound within a bearish trend, and now the price has fallen back to around 1700.

At the dinner table, my uncle's phrase "doing things now is slower, but it's hard to say whether it's good or bad" is actually very similar to the chart.

The market is also like this: when the current price movement slows down, it's the most frustrating time.

You will see: sentiment cooling down, volatility shrinking, but the direction hasn't fully unfolded yet.

The truly key point is that line—the 1600 structure level.

As long as 1600 is not broken downward, the rise from 1600 to 1850 is essentially a rebound within the complete structure, and the pullback is just a correction.

But at the same time, it must be clear: the main trend remains bearish, and this is just a retracement phase within the bear trend.

After finishing the meal, I went outside for a smoke.

I casually looked at the chart.

Today’s trading idea is also very clear:

Not chasing shorts, nor chasing longs, but trying to support after a rebound at the key structural level.

ETH is being bought in batches in the 1648–1630 range $ETH

This position is essentially a second retest around the 1600 structural support. Stop loss is set at 1580.

Once the actual price breaks below the 1600 structure, it indicates the end of the rebound structure, and the bearish main trend reasserts itself, so you must exit.

The initial target is 1718, and after returning to the current consolidation zone, reduce positions to protect capital before looking at 1780-1820.