Ethereum has recently finally broken free from the weak state of 'following the drop but not the rise.' With Bitcoin's strong upward movement yesterday, it successfully broke through the upper edge of the previous consolidation range near 1690.
This morning, it reached a high of 1800 USD, forming a strong bullish candlestick on the daily chart, indicating a clear recovery in short-term bullish sentiment.
From the overall trend, ETH has retraced from a high of 4100 USD down to 1385, and the cumulative retracement has been quite sufficient. The strong breakout since yesterday also basically confirms that 1385 is the temporary bottom of this downward cycle.
However, a genuine new round of trend reversal still requires further confirmation and structural building.
In terms of trading strategy, it is recommended to focus on buying the dip in the short term, with a reference range to enter around 1730-1740 USD, setting the stop-loss below 1700, and targeting around 1850 USD.
