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ETH started two rounds of strong upward pull from the previous low of 1546, surging to
1645 touched the upper Bollinger Band, after which bullish momentum exhausted, closing with a long bearish candlestick and quickly falling back. This is a pullback after the surge.
The overall large cycle rebound is bullish, but in the short term, concentrated selling pressure at highs has been released, entering a correction and recovery; the middle band is the bull-bear dividing line. Holding above the middle band maintains a range-bound bullish bias, while breaking below turns weak.
When rebounding to the 1620-1630 area and facing resistance, a light short position can be taken. The first target is around 1580, and if broken, look to around 1500.