ETH is currently in the fifth monthly rebound structure since 2019. Judging by the rebound ranges of previous rebounds, there has at least been a doubling in upside. Since this round bottomed at 1512, it has continued to range at the bottom and break above the first platform at 1850, completing a short-term stop of the decline. It then accelerated into a second retest after 1944; after confirming the bottom support, there is a high probability of building a new rebound structure. From a long-term perspective, in the future the weekly range of 2200-2300 is again within reach; as for a second dip, it can continue to be bought for mid- to long-term long positions. It is expected that this monthly rebound will take 6-12 months. Many of the mid- to long-term positions at 1550 have already achieved their first profit-taking target reductions. On a second pullback to 1650 or 1680, you can re-enter.

From the derivatives short-term angle, the 1944 pullback to 1804 was too deep and has broken the structure of this upswing. After a second top probe, there is an opportunity for another deep pullback. Resistance at 1860 and 1880 is likely. At most, the extreme rebound pressure is 1900-1920. If it breaks back below 1944 again, it will return to the phase of an upward divergence, and it will be hard to keep rising.

Below support: 1730; a deep pullback point: 1650-1680. If it can maintain range-bound base-building within this zone, the market will likely start a second rebound.

For execution: the above resistance is for shorting; wait for a deep pullback—do not chase a rally.
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