6.29 Monday ETH morning thoughts

Today, Ethereum weakened along with the broader market, with prices briefly dipping to around $1,550, hitting a new 14-month low. It remained in a weak low-level consolidation throughout the day, showing weaker performance than Bitcoin, with negligible rebound strength.
From the chart perspective, the price is firmly below moving averages of all timeframes. Each small rebound is accompanied by heavy selling volume, with rapid pullbacks after rallies, and strong layered resistance above. Short-term resistance is concentrated in the $1,600-1,620 range; as long as it cannot hold above this level, the rebound cannot continue. Short-term key support is at $1,500, an important psychological level recently. Once it breaks down effectively, the downside space will fully open, with the next target around $1,200.
Currently, bearish sentiment is strong. Although indicators have entered oversold territory, there is only a small short-term repair demand, with no trend reversal signals. The overall market is still dominated by bears; short-lived rebounds are difficult to sustain. The main intraday rhythm is to rally and then fall, testing lower support levels.
Operation suggestion: Short at 1580-1588, target 1550, if broken, see 1500$BTC $ETH $SOL