Recently, ETH's structure has become clearer.

The previous rally started around 1600, reaching about 1850, which is essentially a rebound correction within a bearish trend, not a trend reversal.

The current price is around 1740, entering a correction phase after the rebound, with the overall pace beginning to slow down.

The main direction remains bearish, but we are still in a transitional structure where the "rebound is not over, and the downward movement has not fully unfolded."

Structurally, we analyze it in two layers:

First layer (major structure)

1600 is the dividing line for this round of trend; as long as it is not broken below, the overall structure is still defined as a rebound phase; once broken, it indicates the end of the entire rebound, and the bearish trend reasserts dominance.

Second layer (short-term execution)

Currently, the strategy is to consider a pullback long approach, gradually building long positions in the 1725–1710 range, betting on the continuation of the rebound structure $ETH

Short-term defense is set at 1670, which is the invalidation point for this pullback structure; a break below indicates failure to hold the short-term position, ending this trade logic.

The targets above are sequentially: 1778 (oscillation return zone), and a breakout above 1820.