6.24

Second pancake around 1675 with light bearish attempt, stop loss at 1655, target 1695/1715;
Above 1720-1730 range waiting for reversal opportunity, stop loss at 1755, target 1680/1650.

Last night, U.S. stocks stabilized and rebounded, bond yields fell back to 4.18%, short-term liquidity pressure eased somewhat, but the overall cryptocurrency market lacked strong follow-through.
After hitting a low near 1650, the second pancake rebounded to 1676, forming a small positive candle on the 4-hour chart, but the rebound strength is clearly weaker than Bitcoin, indicating funds are prioritizing leading assets.

Looking at the market structure, the 1676 level is right below the moving averages, with no volume on the rebound, KDJ is showing a golden cross at low levels but with a very flat angle, MACD's fast line is still below the zero line, a typical weak recovery pattern.
Above, 1695-1715 is a concentrated chip area and also a previous support turned resistance level. Without volume, it’s hard to break through directly.

Intra-day, focus on a narrow range of 1670-1695, only a volume breakout above 1700 has a chance to test the 1720 resistance.
Overall, it remains a correction within a downtrend continuation, with limited rebound space. Do not chase the rally.

At this level, quick in and out for short-term rebounds, take profits when the move looks good.
The real swing trading opportunity for reversal control is waiting for confirmation of structure above 1720 before taking action. $ETH ‌#以太坊基金会重组降本