ETH is currently in the fifth monthly rebound structure since 2019. Judging by the magnitude of previous rebounds, there has been at least a 100% upside from each one. Since this leg bottomed at 1512, it has been consolidating at the bottom and broke above the first platform level at 1850, completing the short-term stop-loss reversal. It then accelerated again into a second retest after 1944. After confirming bottom support, there’s a strong likelihood of building a new rebound structure. In the future, the weekly range of 2200-2300— from a long-term perspective—means the second pullback could continue to be bought for medium-to-long-term long positions. The current monthly rebound is expected to take 6-12 months. Earlier, many positions around 1550 have already completed the first target and taken partial profit. On the second pullback, around 1650 and 1680, you can re-enter.

From the futures short-term angle: the 1944 pullback down to 1804 was too deep and has already damaged the structure of the current uptrend. After a second top-seeking attempt, there is a chance for another deep pullback. Resistance is at 1860 and 1880; the extreme rebound resistance is 1900 and 1920. If 1944 is broken again, it will return to an uptrend divergence phase, and it will be difficult to sustain further upside.

Support below is at 1730, 50 (the deep pullback point), and the 1650-1680 area. As long as price can keep ranging and forming a base within this zone, the market will start a second rebound.

For execution: for the above resistances, short positions are preferred. Wait for a deep pullback; it is not recommended to chase the price higher.
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