Dense and dense, starting to earn money, brothers.

1. Overview of the current overall trend
1. The medium to long-term daily trend is still a bearish downtrend channel. In June, the overall drop was 35%, plunging from 1850 to a stage low of $1505. The current situation is just a technical rebound after a sharp drop, without reversing the downtrend. The rebound volume is weak, and there is insufficient willingness from bullish incremental funds to enter.
2. ETH's performance has been weaker than Bitcoin for a long time. The ETH/BTC exchange rate continues to decline, with funds preferentially flocking to BTC. Ethereum spot ETFs frequently experience phased net outflows, and institutions have low buying willingness, which is the core bearish factor suppressing the market.
3. After the deep decline in the early daily line, RSI entered the oversold zone, creating short-term demand for a repair rebound. The market is currently oscillating within the $1600–1800 range, grinding for direction in the short term, making it difficult to see a unilateral sharp rise or fall.

2. Precise key support and resistance levels + concentrated liquidation zones (key reference for contracts)
(1) Upward resistance levels (from near to far)
1. First intraday heavy resistance: 1765–1780 USDT
The current price is near this resistance zone, accumulating short-term retail trapped positions, while also concentrating short sell orders and long take-profit orders. A volume-less rise will likely directly retreat; this is the first hurdle for the rebound. Only by breaking and holding above it can upward space open.
2. Medium-term strong resistance: 1800–1845 USDT
The 20-day moving average of the daily line + previous consolidation platform. A large number of short-term long liquidation points, also a layout area for bearish main forces. As long as it cannot hold above 1845, all rebounds are weak rebounds.
3. Trend reversal watershed: 1960–2000 USDT
A monthly-level critical level. Only by breaking and holding above $2000 with volume can the consecutive two-month decline be ended and the medium-term bearish pattern be completely reversed, which is difficult to achieve in the short term.

(2) Downward support levels + concentrated leverage liquidation zones
1. Short-term immediate support: 1720–1730 USDT
The lifeline of this rebound. Once it breaks below, the short-term rebound will be directly declared over, and the market will return to weak oscillating downtrend.
2. Core long defense base: 1650–1680 USDT
A large number of spot bottom-fishing and low-level long position cost areas. Below this, there is a massive accumulation of long leverage liquidation positions. Losing this level will trigger a chain of long liquidations and sell-offs.
3. Stage life-and-death bottom line: 1550–1600 USDT
The central position of the two bottom tests and stabilization in June. $1505 is the lowest point of this round. If it effectively breaks below $1505, the bulls will completely collapse, and the next downward target will be the $1400–1480 range.

(3) Concentrated liquidation zones for longs and shorts
• Short concentration liquidation zone: 1830~1860. When the price rises here, short positions will be stopped out in batches, causing a short-term rapid surge.
• Long dense liquidation zone: 1640, 1550, 1505. If any of these points breaks below, it will trigger batch liquidations of longs and accelerate the sell-off.