Today, Ethereum remains under pressure at high levels overall. From a Chen theory structure perspective, the 4-hour rebound has already reached a clear divergence phase. The long upper shadow left by the previous surge and pullback also indicates the issue. After the top pattern formed, the rebound momentum has basically fallen behind.

The range of 2330-2350 is just the pressure level at the upper boundary of the central zone, and above 2360 is also a position where more trapped long positions are concentrated. Coupled with the MACD red bars continuously shrinking, signs of a dead cross at high levels, RSI falling back from the overbought area, and the Bollinger Bands turning downward after touching the upper band, multiple indicators all point to a bearish trend. Capital is also clearly in a rhythm of pushing prices up to sell off. Technical analysis suggests that shorting at this position is quite justified.

Currently, market sentiment is generally cautious, with rapid rotation of hot spots. Risk-averse sentiment among funds is also rising. The market currently shows no signs of sustained upward momentum, so it’s more prudent to follow the pressure and set up short positions.