Recently, Ethereum has shown a strong rebound in its 1-hour trend. The price quickly surged from a low range, breaking through several short-term resistance levels and forming a steep upward channel. At one point during the trading session, it approached the high near 1780, and then slightly pulled back. The overall volatility was significant, reflecting that market sentiment has significantly warmed after a period of previous sluggishness. This round of increase was accompanied by noticeable capital inflows, with open interest and trading volume rising in tandem, indicating that the bullish force is dominating in the short term. Although there was a brief pullback during the session, the price remained above the key support area, suggesting that the market still has some upward momentum after digesting profit-taking.

The current technical formation indicates that Ethereum has a need for a pullback to confirm support in the short term. After a rapid rise, some indicators have entered the overbought zone, and although the MACD maintains a golden cross, the narrowing histogram suggests that the upward momentum has weakened. In addition, the hourly chart has consecutively formed upper shadows at high levels, indicating that selling pressure above is gradually increasing, and the market needs to release short-term overheating pressure through a pullback. Key support can be observed near the previous breakout consolidation platform; if a pullback stabilizes, there is hope for a continuation of the upward trend; conversely, if the support area is broken, one should be cautious of a deep adjustment caused by the exhaustion of bullish momentum. It is recommended to wait for a pullback confirmation signal to avoid blindly chasing highs.

BTC 93300 short, target 92000

ETH 1760 short, target 1600