$ETH ETH Midday Analysis

ETH plunged from today's high of 2384 to 2294, a decline of 90 points, with the 1H timeframe confirming CHoCH turning bearish.

The morning session experienced typical liquidity sweeps—after sweeping liquidity above at 2384, price reversed sharply. The 1H large bearish candle at 10:00 (dropping from 2350 to 2306) confirmed bearish control.

Subsequently, price oscillated repeatedly in the 2294-2325 range, forming a triple bottom structure testing 2297 three times. Although the triple bottom held temporarily, each rebound high showed decreasing levels (2329→2324→2317), indicating persistent exhaustion of bullish momentum.

From the 4H perspective, the gains from the previous two 4H large bullish candles (2272→2351) have been partially retraced by nearly half. The current 4H candle shows a long lower wick (with low at 2294), with extreme short-term divergence between bulls and bears. The funding rate has turned to -0.000022(shorts paying), suggesting strong bearish sentiment in the market but potential short squeeze rebounds in the near term.

Current 2317 price level is at the midline of the 15M descending channel, with 2325 and 2335 as strong resistance levels above, and the triple bottom at 2294 as the last defense below.

Overall assessment: 1H bearish trend established, 4H bullish trend damaged but not fully reversed, near-term bias toward bearish oscillations. Operationally, shorting on rallies is the main strategy, with buying dips as a supplementary strategy, with strict position control.