Market Structure and Short-term Trends

Currently, it is moving towards:

"Technical rebound after a sharp drop → Approaching resistance → Diminishing momentum → Entering top consolidation"

The 1H chart clearly shows an M top / double top prototype:

The first top is around 3050

During the second rebound touching the top, both RSI/MACD did not synchronize to create new highs

This belongs to a structure where the rebound cannot go higher → Weakening.

If it continues to grind the top in the 3030–3050 range, it is expected to see:

1) Inducing a rally → Retracement pin

2) Breaking below 3000 → Accelerated pullback to 2950

Especially when the volume is clearly exhausted, this kind of sideways movement usually indicates not a build-up for an upward attack, but rather:

"Weakness in pushing higher, waiting for bad news to continue the drop"

Four, Operational Suggestions

Short-term

Do not chase long positions near 3050, this is clearly a major resistance area.

If it again pushes to the 3050-3080 area, it can be considered as a layout point for a short position on the rebound.

Short position stop loss: above 3125

Targets below:

First target: 3000

Second target: 2950

Accelerated target: 2890–2873

Bullish

Only a valid breakthrough above 3130 with increased volume can change the current weak structure.

Do not recommend entering longs before breaking out.

Summary (Key Points)

✔️ Currently at the end of a rebound, momentum diminishing, approaching resistance

✔️ MACD top divergence + RSI top divergence

✔️ 3050 repeatedly fails to break → Major resistance level

✔️ Price is sideways near MA5 → Buying pressure is weak

✔️ A secondary pullback could occur at any time

Short-term rhythm: Inducing longs ends → Preparing for a pullback. #eth