ETH is coming under intraday selling pressure and pulling back. It has broken below the key level of 2400 USDT, with the lowest reaching 2399.76 USDT. The short-term tug-of-war between bulls and bears has intensified.

From the perspective of the price-action structure, although the past 24H is still up by about 2.71%, the gains are clearly narrowing. The momentum is weakening at the margin, and the market has entered a high-level consolidation phase to digest the move. This level is both a former dense trading area and a sentiment turning point. Once it cannot be quickly reclaimed, the short term may continue to test the support below.

The current market is more inclined toward a “consolidation structure after an advance,” rather than a one-way continuation of the trend. It is recommended to focus on changes in volume and the validity of the key ranges.

The market pace is switching. The phase when volatility rises is often accompanied by opportunities and risks existing side by side.

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