#ETH Technical Analysis

On the hourly chart, the overall major trend's highs are continuously moving lower, and the bearish structure has not changed;

Currently, the market is in a low-level range consolidation phase after a sharp decline.

Short-term resistance: 1595-1620. Selling pressure is heavy here. Only if the bulls break through effectively and close convincingly above 1620 can a short-term structural reversal signal be established.

Strong short-term resistance: 1,660-1,680. This range is the previous dense trading zone and the starting platform of the decline. It is extremely difficult to have a direct V-shaped breakout in the short term.

Lower short-term support: 1530-1550. The long lower shadow that appeared during the previous bottom indicates relatively strong buying intervention or bearish profit-taking at this level.

As long as it does not break below this range on a closing basis, the market will still be in a recovery consolidation after overselling. The current price is at the center of the consolidation. Wait and observe until the price effectively breaks through the resistance zone or breaks below the support zone before following the trend. Avoid frequent stop-losses within the consolidation range.