$ETH Erbing morning analysis

After the price surged to the phase high point and then broke out of a sluggish consolidation, it formed a stalled inverted hammer pattern, creating a bull-trap top structure. The short-term moving averages that originally supported the price have now turned into a key battleground between long and short. A large amount of trapped positions has built up in the upper range, and ongoing selling pressure continues to suppress upward movement.

Oscillators weakened after moving into high levels, forming a death cross. The strength of dip-buying from bulls continues to fade. The rally saw rising volume, and the pullback also saw rising volume—clear signs that the main players are distributing in batches at higher levels. In this rebound, the bullish momentum was already consumed by the volume-price divergence. Outside incremental capital is insufficient, so the rebound is only a temporary repair as trapped positions escape.

The key integer support level is the short-term line of defense. Once it breaks, it will trigger concentrated long liquidation. Below, there are swing-start support levels waiting to be tested. Volume, price, and indicators top out in sync and resonate together. The market has switched to a bearish-dominated pace. In the rebound pressure zone, following the trend and shorting is the main approach. Pay attention to the downside risk after the support level breaks.

Trading plan: short around 1620-1640, with targets at 1570-1520.