Recently, the Ethereum market has shown a typical box oscillation pattern. From the candlestick chart, it can be observed that multiple candlesticks exhibit a trend of severe fluctuations followed by stabilization, as reflected in the longer lower shadows and the subsequent emergence of bullish candlestick bodies.
Currently, the ETH price is approaching the $2450 mark. It is noteworthy that the bullish forces have formed continuous support in the $2400-$2415 range, establishing a phase of oscillation. However, the market still lacks sufficient upward momentum.
From a technical perspective, there may be strong selling pressure around $2480, which could become a key resistance level in the short term. If this area cannot be broken through, the price may retreat to the near $2400 support level.
In this oscillating pattern, investors need to remain cautious and closely monitor the breakout of key price levels. At the same time, they should also be alert to changes in market sentiment, as any significant news could trigger sharp fluctuations in the market in the absence of a clear direction.
Overall, Ethereum is currently in a typical consolidation phase, with both bulls and bears engaged in fierce competition within a limited price range. Before a clear breakout direction is established, the market may continue to maintain this oscillation pattern.
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