Ethereum last night showed a good support around the 2900 level, and short-term support is barely holding. However, there is a key issue here— the rebound has never been able to form an effective breakout, and the upward momentum is gradually diminishing. In simple terms, it’s just oscillating and repairing, not yet a trend reversal.

Today’s focus is not on chasing the rebound to buy, but rather on whether the second retest can confirm a bottom. The ideal scenario is this: after the price drops back, it remains firmly above 2920, with no signs of heavy selling. It’s best to consolidate above 2950 with sideways movement, slowly absorbing selling pressure. If this structure can be achieved, there’s still a chance for further upward movement, but the prerequisite is that volume must support it, following a "slow and steady" approach.

But if within the day the price directly retests and breaks below the 2900 psychological level, the situation becomes more complicated. At that point, keep a close eye on three key supports below:

- 2885 is the short-term defense level
- 2835 is the structural support
- 2790 is the real dividing line between bulls and bears

If there is an effective breakdown below 2800, it can basically be judged— this is not a false move, but a genuine deep correction. Once the 2800 defense line is thoroughly broken, the market will enter a trend correction phase. At that time, focus on the key levels of 2620, 2250, and 2100. These are the areas where the next round of market conditions need to be carefully reassessed for the balance of bullish and bearish forces.

Ultimately, the current trading logic is very simple: don’t let the emotions of rise and fall dictate your rhythm. The key is whether those important price levels are respected by the market. Holding above 2900 means bulls can continue to operate; once 2800 is broken, the market will continue to fall mercilessly.