In the last 24 hours, it has dropped nearly 6%, with ETH being driven to the lower edge of the Bollinger Bands; a 'moat' of 100 billion in transaction volume presses down from above 4300, but there is a 3.35 times buy order wall at the 4000 mark—after the bearish release, value hunters are waiting for the LVN gap 'golden pit'.

Key interval structure
1. Value anchor (POC): 4300, with 1.82 million units traded in the past two weeks, the most concentrated turnover between bulls and bears, forming medium-term pressure.
2. High volume buffer (HVN): 4208-4281, 4521-4539, the former is the first resistance for short-term pullbacks, and the latter is a strong resistance for swings.
3. Low volume gap (LVN): 3950-3996, 3876-3886, prices can pass quickly, and pullbacks are seen as buying opportunities.
4. 70% transaction coverage area: 3619-4742, the current price of 4086 is above the lower edge, technically it has not been oversold, but it is close to the lower track.

Momentum verification
• Down Volume above POC accounts for 56%, still slightly bearish;
• Up Volume accounts for 60% within the 3950-3996 gap; if it returns to this area with increased volume, it will be seen as a bullish rebound signal;
• 1h RSI at 24, short-term oversold, combined with the lower track of the Bollinger Bands at 4057, meets rebound conditions.

Auxiliary indicators
• MA200 4456, deviation -8.3%, medium-term bearish dominance;
• 1h position change +0.24%, long decrease short increase, short-term bearish short covering;
• The buy order wall at 4000 has 3970 orders, while the sell order wall at 4188 has only 323 orders, indicating a clear short-term buying advantage.

Market cycle assessment
Currently experiencing a daily level pullback within a medium-term bullish trend, the weekly chart still maintains the lower track of the ascending channel, currently in the 'panic washout' phase; if it holds above 3950-4000, it will be regarded as a second wave pullback.

Trading strategy
Aggressive: Enter when a bullish candle appears on the pullback to 3950-3996 LVN with Up Volume > 60%, target 4208 HVN, stop loss at 3900 (below the recent HVN), risk-reward ratio ≈ 2.8.
Conservative: Wait for a 15-minute level breakout above 4050 and stability, enter on a pullback to 4040-4050, target 4180, stop loss at 4000, risk-reward ratio ≈ 2.3.
Cautious: Reconsider trend long positions only after daily level regains 4300 POC, stop loss at 4250, target 4521, risk-reward ratio ≈ 4.4.

Risk warning
If it breaks below 3900 with increased volume, LVN will extend to 3876, strategy will be invalidated, and observation is advised; macro black swan events or a BTC breakout could amplify the decline.

LP market-making suggestions
It is recommended to set LP within the range of 3950-4200, taking advantage of LVN rapid fluctuations to earn transaction fees:
• Buy orders are concentrated near the lower edge of 3950, providing strong support;
• The upper edge at 4208 is a short-term HVN, with high liquidity demand;
• Range width ≈ 6%, annualized fee expectation 15-20%, stop loss set below 3900.

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