This morning, Ethereum continued its overall weak consolidation after a decline, with a brief rebound above 2230 in the early hours that failed to form a new breakout. Subsequently, the market began to steadily retrace downward, with each rebound failing to reach previous highs, forming a clear pattern of lower highs. As the price broke below the 2200 level in the early morning, the bearish momentum expanded, with a first significant support around 2160. Currently, the market remains above 2170, fluctuating sideways. From the market rhythm, this movement is not a simple sharp decline but a structural pullback after the high-level selling pressure was released. Especially after continuous dips, the rebounds lack strength, indicating that short-term market sentiment remains cautious, and there is little willingness to chase rallies.

From the current market structure, the importance of around 2160 lies not only in being the intraday low but also in being the first support level after the previous decline, indicating that short-term funds are absorbing at this level. However, this support is not yet strong enough to push the market back into a bullish trend. The area around 2200 is the most critical resistance zone because, from the trend connection, each rebound approaching this area has shown significant slowing, suggesting there are still substantial sell orders waiting to be released. If subsequent rebounds cannot effectively stabilize above 2200, the market is likely to test 2160 again. Once 2160 is broken again, the downward momentum will extend toward 2145. Conversely, only if the price breaks through and stabilizes above 2200 will there be a chance for the market to re-enter a range above 2200 for consolidation. Therefore, the trading strategy remains clear: mainly short on rebounds. #Gate广场四月发帖挑战 $ETH