ETH

The current market structure (technical + capital fundamentals) still remains in a medium- to short-term bearish phase (since the peak around August 2025 at ~$4,950, it has not yet formed a clear higher low). The recent sharp decline has ended (bottom around $1,850–$1,900), and we are currently in a technical rebound + short covering phase. Key support levels: $2,000–$1,950 (very important, multiple tests + high trading volume zones), further down $1,850–$1,730. Key resistance levels: $2,300–$2,350 (the strongest short-term resistance, many trapped here), further up $2,500–$2,700 (heavier trapped positions + historical dense zones). Capital flow: ETF still shows slight net outflows, whale and institutional selling pressure has not fully subsided, and market sentiment remains cautious/neutral.