Looking at the 1-hour chart of ETH/USDT, after breaking through the high of 2711 on May 22, the price quickly fell, with the short-term trend weakening. It is currently in a pattern of rebound resistance and repeated fluctuations:
Significant drop after reaching the top: A clear top was formed near 2711, followed by a series of long bearish candles, with trading volume increasing simultaneously, suggesting that major funds may have fled;
Short-term moving average pressure is evident: MA7 and MA15 are flattening out or even slightly turning downward, with the price facing multiple resistance during rebounds, indicating weak bullish momentum;
Initial signs of a downward channel: The current price has not effectively returned above 2600, testing the 2450 level multiple times. If it breaks down again, it may trigger a second dip or even a breakdown risk;
Key support/resistance levels:
Support to watch: 2450 - 2480 range; a break below may test the 2400 round number;
Resistance to watch: 2580 - 2600; a significant breakout here may lead to a new rising wave in the short term.
Strategy suggestion:
Currently, it is not advisable to chase the price upward; it is preferable to adopt a high short and low long strategy, with short-term attention on whether there are signs of bullish divergence or a significant long bullish signal.
Technical analysis reminder: The rebound has not broken the previous high and is still considered a weak recovery. Patiently wait for a clear direction while managing positions and risk effectively.
