$1,724 ETH—are you panicking?

First, look at the surface: bad news is everywhere, retail investors are cutting losses, but the price has already stopped falling.

A month ago, ETH was still above 2,000; now it’s down to 1,724—down nearly 20%. BTC is ranging around 63,500, and the ETH/BTC ratio is hitting a new low. Everyone is blaming, “ETH is too weak.”

What the candlesticks tell you: the 1,700 level is the 78.6% Fibonacci retracement and also the June low area. It has been tested three times without breaking. On the 4-hour chart, an upward channel has already started to form, with small bullish candles one after another. The bottom is here, but 99% of people don’t dare to buy.

First thing: a personnel shake-up at the Ethereum Foundation—did it scare you away?

The co-executive director resigned, and development funding may have a shortfall. The moment the news broke, FUD spread across the entire network.

But think about it carefully:

Has there ever been a bull run without internal turmoil first? In the 2022 bear market, Vitalik was criticized even worse than now.

Has there ever been a major bottom that wasn’t accompanied by panic? In 2023, ETH at 1,500—everyone said “it’s going to zero.”

Personnel changes are short-term noise; protocol upgrades are the long-term narrative.

Second thing: the Glamsterdam upgrade—possibly even more aggressive than Merge.

This is the biggest protocol upgrade since Merge. The core includes:

EIP-7732 (enshrined PBS): makes block construction fairer, so MEV profits are no longer monopolized by a few.

EIP-7928 (block-level access list): greatly improves L1 efficiency and lowers L2 fees.

Third thing: the technicals have already started showing “bottom language.”

On the daily/4H levels:

The 1,700 test level holds after three attempts, forming strong support.

The 4H chart has entered an upward channel, and small bullish candles are stabilizing.

RSI is neutral to weak, but it’s no longer making new lows—this is “momentum exhaustion,” not “it still has to fall.”

MACD is beginning to flatten below the zero axis, about to form a golden cross.

On one side:

The Glamsterdam upgrade is in progress (to land in Q3), possibly the biggest catalyst of the year

Morgan Stanley’s ETF application includes a staking feature—new institutional capital inflow

Whales keep accumulating, with a staking rate of 33% (37 million ETH locked)

Support at 1,700 tested three times; 4H upward channel

On the other side:

The Federal Reserve hints at more rate hikes, and the macro environment continues to weigh on things

Foundation personnel changes + FUD about a funding gap

The ETH/BTC ratio hits new lows, showing short-term weakness

Market sentiment is driven by fear, and retail investors keep selling

Key level: 1,724—life-and-death line at 1,700.

Resistance above: 1,780 → 1,820 → 1,900 → 2,000

Support below: 1,700 → 1,620 → 1,507

Key levels:

Support: 1,700 (strong) → 1,620 → 1,507 (June low)

Resistance: 1,780–1,820 (recent highs) → 1,845–1,865 → 1,900–2,000 (psychological levels)

Long-term DCA believers:

Start DCA in the 1,700–1,720 range, buying in batches—add more with every 5% dip. Earn 3–4% annualized yield by staking via Lido or Rocket Pool, and hold until Glamsterdam lands.

Short-term swing traders:

Stabilization at 1,700–1,720 + a high-volume breakout above 1,780 to enter, stop-loss at 1,680, targets 1,820 → 1,900 → 2,000.

Futures/contract traders:

Max leverage 2–3x; macro uncertainty is high. Go long with a stop-loss at 1,680, and go short when stagnation signs appear above 1,820.

Per trade, don’t risk more than 5–10% of your total position size; keep enough cash. If it breaks below 1,620, cut your position in half.

ETH now looks an awful lot like 2023’s 1,500—

Back then, everyone said, “Ethereum is useless.” What happened? Six months later, it hit 4,000.

Bottoms are never “called out”—they’re cut out.

When everyone around you is cursing ETH, that’s when you should buy.

When everyone is shouting, “The bull market is here,” #我的Gate交易时刻 #美伊谈判推迟 #预测世界杯巴西VS海地 $BTC $ETH $SOL is when you should sell.