6.23

Second candle around 1730 with light bearish control, stop loss at 1775, target 1700/1670.

Last night, the US stock market continued its weakness, bond yields remained above 4.2%, funds are still rotating in safe-haven assets, and risk appetite is not picking up.
The second candle's rebound peaked at 1779.4, just hitting the resistance zone, then steadily declined to 1728.8, with a long upper shadow on the daily chart, indicating very clear selling pressure above.

Currently, at 1728, it looks like a zone of moving average congestion (MA7 at 1724, MA25 at 1729), but volume can't be fooled—24-hour trading volume is 515k ETH, with a turnover of 899 million USDT, significantly shrinking compared to earlier, showing a lack of capital support for the rebound.
MACD fast line is flattening, bullish momentum is waning, KDJ shows an initial dead cross at high levels, and the short-term structure is biased bearish.

Today, first watch the 1700 integer level; if it can't hold, it will directly head to 1670.
Don't be fooled by small bullish candles; this kind of volume-contracted rebound is often a trap to lure in buyers.
Until the trend reverses, every rebound is just giving the bears more ammunition.

At this level, waiting for a breakdown is more reliable than $ETH trying to catch the bottom.