Since nightfall, Ethereum’s overall price has moved through a volatile upward oscillation trend. After the market stabilized around 2310, the bulls gradually started to gain momentum, pushing the price up in a step-like manner to around 2380 and forming a stage high. However, acceptance and follow-through at high levels were clearly insufficient; after multiple attempts to test higher failed, it began to pull back. During the pullback, the pace was relatively fast—retesting down to around 2350—before entering a sideways range of repeated pulling and tugging. Judging from the chart, this round of upside is more like a spike test driven by sentiment rather than a trend-based breakout. The low-long idea given since early this morning proved to be correct: during the rally phase, the move did obtain the expected room. But the high was not sustained, which indicates that overhead sell pressure remains obvious. The current market has returned to trading within a central consolidation (range) structure.

From the chart structure, on the 4-hour timeframe, Ethereum is still in a range-bound consolidation phase. The area around 2380-2400 has formed a clear suppression zone; it has been touched multiple times but has not effectively held ground. Support is mainly concentrated in the 2330-2320 area, forming the upper and lower boundaries of the current oscillation range. The short-term structure has already shown signs of rolling over from the high and gradually shifting downward. The rebound strength has been one wave weaker than the last, indicating that short-term funds are more inclined to realize profits and leave; structurally, it is on the weaker side. The 2350 level is currently in the middle of the range and has no clear direction. But given the heavy pressure at higher levels and the weakening of the short-term structure, it is more likely to revisit support to the downside. For future execution, the main idea remains to stay short (high shorts). The key is to watch whether the market can form resistance and get rejected around the 2380 area during any rebound. As long as it cannot regain and hold above 2380, the bearish logic remains valid. The downside target should first be around 2330; if it breaks further down, it is expected to extend into the 2310 area. The overall thinking is very clear: this is not a time to chase longs, but to wait for the rebound to provide the timing and pace for shorting. #美军封锁霍尔木兹海峡 $ETH