After the early morning hours, Ethereum overall experienced a rebound wave, reaching around 2219 on the upside without further extension. It then quickly pulled back, dropping to about 2150 at its lowest before gradually stabilizing and oscillating around 2200. Over the past few hours from early morning until now, the overall rhythm has been quite clear—prices are unable to break higher, and when they fall, they are quickly pulled back. Currently, the market continues to fluctuate within the range, moving back and forth. Although this movement appears to have limited volatility, it actually indicates that after the previous rally, short-term sentiment is beginning to turn cautious. Capital is mainly rotating positions at current levels, accumulating strength for future breakthroughs.

From the 1-hour chart perspective, although the market recovered some of its losses after the early morning pullback, the rebound lacked continuity. After multiple attempts to push higher, no stronger upward momentum was formed. The short-term moving averages are also beginning to flatten, suggesting that the current correction is more of a weak repair rather than a re-entry into a strong upward trend. On the 4-hour chart, after retreating from higher levels, the overall pace has noticeably slowed. The structure formed by the previous rebound is now in a consolidation phase, with resistance above persisting. The candlesticks continue to oscillate around the midline, indicating that the short-term direction has not yet fully opened. In this market environment, rather than blindly chasing rallies, it is better to view the situation from the perspective of shorting after rebound resistance, because what the bulls truly lack is sustained volume expansion. If the upside cannot break through for an extended period, there is likely to be another pullback confirmation process. At this stage, shorting aligns more with the market rhythm than chasing longs.