The current ETH 1-hour trend shows significant volatility, with the market quickly pulling back after a brief dip and then forming a solid bullish candlestick. The price rebounded strongly from the intraday low near $1564 and broke through the $1600 psychological barrier. This rally was accompanied by a moderate increase in trading volume, indicating a stronger willingness of buyers to enter the market. Despite a slight pullback during the session, the price remained firmly above key support levels, with short-term market sentiment shifting from bearish to bullish, and a preliminary 'V-shaped reversal' signal forming in the technical pattern.

From a technical perspective, the short-term trend of ETH has gradually stabilized, with bullish momentum building up. On one hand, the bullish candlestick effectively broke through the upper boundary of the recent consolidation range, and the price did not fall below the previous high support during the pullback, indicating limited selling pressure and a clear intention of major funds to support the market. On the other hand, although the MACD indicator is still below the zero line, the green bars are beginning to shrink, and convergence of the fast and slow lines is starting to appear. If a golden cross forms subsequently, it will further confirm the rebound trend. Additionally, the hourly candlestick has consistently closed above the MA5 moving average, and the short-term moving average system is gradually flattening and tilting upward, providing tiered support for the price.

Considering market sentiment, Ethereum has recently tested the lower support multiple times but has been quickly pulled back each time, indicating a clear exhaustion of bearish forces, with funds frequently buying on dips. If the price can stabilize above $1620, it is expected to open up further upward potential, with targets looking towards the $1650-$1680 resistance zone. In terms of strategy, it is recommended to primarily look for long positions on pullbacks, paying attention to the strength of support in the $1600-$1610 area. If there is a volume breakout above the previous high, one could increase positions accordingly.

BTC long near $84500, watch for $87800 above

ETH long near $1600, watch for $1650 above