Since early morning, Ethereum has been oscillating and climbing near the 2296 level, showing a stepwise upward structure. The market’s lows keep moving higher, and the price gradually rises to above 2320, followed by a brief consolidation. Afterwards, bullish sentiment concentrates and releases, pushing the price further up to around the 2346 level to form an intraday high. However, that area was unable to provide sufficient support. After the spike, the price quickly fell back, giving back most of the gains and dropping again below 2320. After that, the market entered a choppy and slightly weak rhythm: the highs kept falling, rebound momentum gradually weakened, and the market’s center of gravity slowly sank to around the 2310 area. Near the current time, after once again dipping above 2300, it consolidated sideways. Overall, the performance reflects a pullback-and-correction after the failure to keep pushing higher.

　　Currently, on the 1-hour timeframe, a stage high has formed above 2340, but it failed to continue to a higher high. Instead, it produced a lower high, indicating that sell pressure above has clearly increased. At the same time, the price has fallen back below the short-term moving averages, with the structure shifting from strong to weak. On the 4-hour timeframe, it is still running within a range. But this upward probe reached the upper edge of the range and was then suppressed and pulled back, which is a typical “upper boundary rejection” signal. Combined with the short-term cycle turning weaker, the subsequent move is more likely to fill the downside space. Current key resistance is concentrated in the 2335-2350 area, while the core support is around the 2280 area. Once support is effectively broken, the room for downside will open further. In terms of execution, it is clearly arranged to take the “short at highs” approach. #Gate13周年现场直击 $ETH