6.29ETH Afternoon Outlook

In the afternoon, Ethereum oscillated at a low range of $1550-1565, following Bitcoin's weakness all day. As a higher-risk asset with greater volatility, its decline is significantly stronger than BTC's. Multiple small bounces quickly met resistance and fell back, with bulls having no sustained upward momentum.
From the short-term afternoon chart, the 4-hour moving averages are all pressing downward, the Bollinger Bands are contracting to compress the range, and although indicators have entered oversold territory, there is only a need for minor repair, with no stabilization reversal signal. Short-term resistance above is $1585-1600, where a large amount of trapped positions are accumulated; a rebound to this zone in the afternoon will encounter unwinding pressure. Below, short-term support is $1550, with a key defense level at $1520. Once effectively broken, the market will further test the key psychological level of $1500.
Overall, the afternoon market is still dominated by bears. A brief minor recovery cannot change the generally weak trend. As long as the broader market shows no stabilization signal, Ethereum's rebound potential is very limited. Rising and falling back, repeatedly testing lower support is the main rhythm of the afternoon.
Trading suggestion: short at $1580-1588, target $1550, if broken, target $1500$BTC $ETH $SOL