ETH at $1691, do you still have faith?

First look at the market: it hurts, but it seems not so painful anymore.

ETH current price is 1691, down 1-3% in 24 hours, trading volume 11.7 billion. Over the past week, it’s slightly up 1.2%, but in a month, it’s fallen 20%, sliding down from the May high of over 2000. ETH/BTC ratio dropped to 0.027, hitting a new low for the year. You call it trash, but it just won’t fall—holding at 1670 repeatedly, bouncing back each time.

First thing: Glamsterdam upgrade is not just a pie-in-the-sky plan, it’s real

This is the biggest protocol upgrade since Merge, packed with hardcore features:

Built-in PBS (separating proposers and builders)

L1 TPS increased from current levels to about 10,000

Gas limit raised over 3 times

Transaction fees reduced by about 78%

Validator exit speed optimized

Second thing: EF leadership departure is real, but the market no longer cares

Ethereum Foundation co-CEO resigns (second in a month)

Spot ETF net outflows

Federal Reserve hawkish, interest rates maintained at 3.5%-3.75%, more rate hikes possible this year

What you see as "EF collapsing," I see as the price not falling.

Same personnel news, first drop 5%, second drop 2%, third time the market simply ignores it. What is called "dampening of negative news"? This is it.

Third thing: technical analysis already tells you—calm before the storm

1-hour chart: symmetrical triangle consolidation, price above the uptrend line, but firmly suppressed at 1700. 4-hour chart below EMA34/EMA89, short-term momentum insufficient, but higher lows are still maintained.

Volume shrinking, bulls and bears are watching, gathering strength

As long as it doesn’t break 1670, it’s a classic "shakeout - accumulation - explosion" pattern

Bull-bear showdown, see for yourself

One side is:

Glamsterdam upgrade devnet has been successful, performance increased tenfold

Morgan Stanley promotes staking ETF, institutions are still in

Staking rate over 30%, supply continues to tighten

Three attempts at 1670 without breaking, clear bottoming signal

The other side is:

Federal Reserve hawkish, expectations of rate hikes heating up this year

EF personnel turbulence raises governance concerns

ETF funds still net outflows

Three attempts at 1700 without breaking, huge psychological pressure

Key level 1691, only 9 dollars away from the critical 1700 line

Key levels:

Strong support: 1670-1685 (last line of defense) → 1650 → 1600

Strong resistance: 1700 (life-and-death line) → 1750-1770 → 1800-1850

Short-term traders:

Wait for a pullback near 1670-1685 before entering, stop-loss below 1650 (if broken, exit).

If it breaks above 1700 with volume, go long, target 1750-1770, break through to 1800-1850.

Swing traders:

Build positions gradually in the 1670-1650 range, aiming for a surge past 2000 after Glamsterdam lands.

Keep total position at 20-30%, leverage within 3x.

Long-term believers:

Hold spot positions, add below 1650 without hesitation.

ETH/BTC ratio at 0.027 is at a historic low—Ethereum has never been undervalued like this.

Risk management:

Single trade no more than 3-5% of total funds

Leverage no more than 3x

Watch BTC closely; Ethereum moves with Bitcoin—if Bitcoin crashes, ETH follows

Follow FOMC speeches and Glamsterdam testnet progress

ETH now is like Bitcoin at the end of 2022—

Everyone’s complaining "too slow, too expensive, hopeless,"

But staking rates are rising, upgrades are progressing, institutions are deploying,

Those criticizing it are leaving, those trusting it are adding positions.

Every time you think "ETH is done," it’s #我的Gate交易时刻 actually the best time to buy.