Technical Analysis of ETH: Making it Understandable for Everyone

1. Weekly Situation: On the weekly chart, ETH has formed a large bearish candle, which pierced through the middle band of the Bollinger Bands (BOLL) at its lowest point. However, by the end of the session, the price returned above the middle band. This week, we need to focus on the strength of ETH's rebound and whether the middle band can support the price. This middle band position, in conjunction with previous lows and the earlier high consolidation range, has a structural support role.
2. Daily Situation: On the daily chart, ETH has rebounded with increased volume, and the trading volume and price are well aligned, which is very healthy. There are several important levels to pay attention to here:
- The long-term upward trend line is exactly at the Fibonacci 0.5 level, and it has been verified that its support is effective. Next, we need to pay attention to the suppression situation formed by the upward trend line in the high range.
- There is an area of concentrated chips above the price, which coincides with the middle line of the Bollinger Bands, creating a resonant pressure, and this is a strong resistance level.
3. 4-hour chart situation: In the 4-hour chart, although ETH has rebounded, the high points are still pressed down by the descending trend line, indicating that the larger downward trend has not yet reversed.
4. Key Position Summary:
- In terms of support levels, the 20-day moving average (which is the position of the middle line of the Bollinger Bands) can act as a support.
- There are two key resistance levels: one is the descending trend line, which forms resistance around 2430; the other is the area where the concentration of chips coincides with the upper Bollinger Band, which is around 2500, making it a strong resistance level.

In general, ETH as a whole is still dominated by bears, but the pressure on bulls in the short term has been slightly reduced. Recently, the pace of price fluctuations has been very fast, so we have to focus on whether the rally can be sustained, as well as the situation of those key pressure levels, and decide how to operate based on these.