6.23 Tuesday ETH Morning Thoughts

Today, Ethereum follows the overall market into a low-level bottoming and recovery phase, with a clear and complete bullish rebound logic. Overnight, US stocks all rose, with the technology growth sector collectively strengthening, and the overall market risk appetite continuing to warm up. The bullish sentiment for risk assets is transmitted to the crypto market, with Ethereum showing greater resilience, and the rebound strength driven by sentiment will outperform mainstream markets. After a period of deep declines, the market has accumulated a large number of low-level short positions. A slight rally will trigger concentrated stop-loss liquidations, creating a short squeeze that pushes prices higher; at the same time, geopolitical easing causes risk-averse funds to flow out, and some short-term speculative funds enter to lay out low-priced chips, providing incremental support for the market.

From a technical perspective, the support around 1690 has been tested multiple times, fully releasing selling pressure at the bottom. The downward momentum continues to weaken, the four-hour low point no longer makes new lows, and the rebound highs steadily rise. The MACD green bars continue to narrow, and the bullish recovery momentum gradually accumulates. The core support today is 1690–1700. As long as the price stays above this range, the bottom bullish structure can remain intact; the first short-term target is 1760–1780, and after a volume breakout, it will trend towards the medium-term strong resistance zone of 1800–1820.

Today’s overall pattern is clearly an upward oscillation. A rebound from the support zone is a good entry point for long positions. Place stop-loss below 1680 to avoid breakdown risk. Relying on bottom support, hold with confidence to capture the rebound dividend. Before US economic data is released tonight, maintain a light long position; if the data is bullish, add to the position accordingly.
Trading suggestion: Watch 1700–1710 for a rebound, target 1750, and if broken, aim for 1780. If not broken, $BTC reverse position.