The K-line overall presents a "stair-step upward" pattern. Although the bulls are making progress, each step faces strong resistance from thick sell orders above. Combined with the distribution of liquidation intensity, there has not yet been a large-scale explosion of short liquidations, indicating that the market is still in a relatively cautious tug-of-war phase, primarily adopting a strategy of buying low and selling high in the short term.
After noon on July 2nd, it can be clearly observed that there is dense trading around the 2400 level, and the depth of sell orders has increased. Especially after the sharp drop in the early morning, ETH quickly rebounded in a V-shape from the 2360 area and stabilized, indicating a strong willingness of buyers to support at lower levels.
The 2400-2420 range has become a key short-term support level. Once this level is lost, ETH may quickly drop to the liquidity vacuum zone of 2350-2360.
ETH is currently in a phase of energy accumulation under strong resistance, with 2400 being an effective support level and 2480 being a key breakout point. In the short term, it is advised to remain patient and wait for clearer direction. Once large orders start to absorb or the liquidity wall is breached, it will be an important signal for market momentum.
