$ETH Ethereum (ETH/USDT) June 23 Technical Analysis Report

1. Overall Market Trend

In the short term, the market is in a consolidation phase after a rally followed by a pullback. After the price hit 1,779 and met resistance, it is now pulling back to test the effectiveness of the support zone below.

Key levels:

Upper resistance (pressure zone): 1,752 - 1,779. This is a critical area for the bears to defend. As long as the price cannot effectively hold above 1,760, the market remains exposed to selling pressure in the short term.

Lower support (Support Zone One): 1,693 - 1,711. This is the previous breakout launch platform and a high-volume trading zone. It is also the lifeline that bulls must hold.

Current price: around 1,722, which is just above the support zone and near the sensitive battleground between bulls and bears.

2. Trading Strategy Suggestions

Short-term thinking: sell high and buy low, with a defensive bias.

Long opportunities (betting on a rebound):

If the price pulls back to the 1,700 - 1,716 area, you may try going long with a light position.

Stop loss: exit if it falls below 1,680.

Short opportunities (trend-following):

If the price rebounds to around 1,760 - 1,779 and meets resistance, you may try shorting.

Stop loss: exit if it breaks above 1,780.

Watch-and-wait signal: If the price directly breaks through the support zone (1,693), do not rush to buy the dip; wait for a new bottom structure to form.

3. Summary

Currently, ETH is trading in a “top held up and bottom supported” squeeze situation, with resistance above and support below. In the short term, the focus is on the blue support zone (around 1,700). As long as it does not break below this area, the overall upward structure has not been fully damaged. Once it effectively breaks, the price may further dip to around the 1,650 level.