ETH had a textbook-level price action today: starting from the 2085 low, 4H rallied consecutively with three large bullish candles gaining 153 points to the 2288 high, an increase exceeding 7.5%.

The core driving force came from two volume breakouts — the first wave at 1H level jumped directly from 2112 to 2183 (Vol 40M), the second wave from 2179 to 2255 (Vol 50M), both accompanied by massive volume confirmation. However, at the 2288 high, a classic liquidity sweep occurred: the 5M level spiked then instantly reversed, with upper wick + 7M massive volume followed by a sharp drop to 2260, subsequently entering a 2260-2270 consolidation zone.

1H closed a large bearish candle from 2279 to 2260 (−19 points), the first real bearish candle in this rally. Currently, the 4H structure remains intact (three large bullish candles not broken), 1H has not yet broken the key 2255 CHoCH level, but short-term momentum has clearly weakened, with 15M and 5M showing continuous volume contraction and consolidation. 2260 has been tested over four times, each time holding but with diminishing rebound strength. Bulls need to recapture above 2271 to prove strong continuation, otherwise persistent volume contraction and gradual decline risks breaking 2260 and further testing 2255. Currently in a contested zone, avoid chasing rallies or panic selling; enter after key level breakouts. Operationally, prioritize buying pullbacks along the 4H major trend, but must wait for confirmation signals and cannot catch support naked. Short selling requires stricter conditions — at least 1H structure breakdown is worth considering a counter-trend short.