$ETH The daily candle formed with long upper and lower wicks, and the volume is still very large. Looking at the previous rally, the move up from 1850 to 1980 didn’t really pause. During that rally, the bullish candles got progressively higher, but the volume didn’t keep up. This wave of decline, however, released a very large amount of volume, and then there was a low-volume rebound. In the one-hour chart, it dropped straight down here, but it seems the rebound lacks strength.

Let me explain the four-hour chart first. A sudden surge up like that is definitely driven by the main force, but there was no volume—so the intention to break through 2000 isn’t very clear. Instead, a massive selloff appears here, which suggests that resistance at this level is still very strong.

This week is when the monthly line closes, so volatility could be relatively high. It’s likely still range-bound in this zone, and the key is whether it can break down to 1900. If this week fails to break below 1900, then it’s very likely to go up to 2000. If it dips below 1900 with a wick but doesn’t immediately reclaim, it may then shift into a pullback trend.