Bro, ETH is hovering around $1,869 right now, but don’t rush to call a reversal.

Over the past week it’s risen by 3.6%, but the 24-hour trading volume has shrunk by almost 40% right away—this kind of strength doesn’t really feel that great. On July 17, there was a net inflow of $36.7 million; the money really is coming back, but that “if you don’t get on soon, you’ll be too late” kind of urgency on the chart didn’t show up at all.

I think it’s very likely still grinding within the range of $1,800 to $1,950. It’s not hard to probe up to $1,900—the key is whether it can hold its ground after the test.

If it gets smashed back down again near $1,950, then this move, at best, is just the bottom-building phase for the rebound that started from $1,500. After that, there’s no way to avoid another retest around $1,800; once $1,780 can’t hold, you’ll need to watch the $1,650 to $1,700 zone again.

On the flip side, if it can consistently close above $1,950, then you’d have the confidence to talk about targets like $2,050 and even $2,100.

ETH doesn’t lack stories right now—it lacks that one hallmark big bullish candle, the hard K-line that shuts the shorts up and makes the people who missed the move green with envy.

That candle hasn’t arrived yet, so we’ll just wait patiently. Don’t rush. #以太