From the 1-hour perspective, ETH rebounded after testing the 2025 level in 2025, currently oscillating around 2050. However, the overall structure still belongs to a weak rebound recovery phase after the decline, with the highs continuously moving lower, and the trend remains biased downward.

MACD is below the zero axis. Although there are signs of turning, it has not yet formed an effective golden cross, with red bars showing no significant volume expansion, indicating weak short-term bullish momentum. The overall remains in a recovery phase within a bearish trend. MACD fundamentally judges trend direction, currently still running in the bearish zone.

RSI is running around 40, having rebounded slightly from the oversold zone to the weak zone. Market sentiment has recovered somewhat, but remains below the 50 midline, indicating the overall bias is still bearish. RSI below 50 typically represents the market in a weak state.

KDJ at low levels has turned upward, suggesting short-term rebound demand exists, but the indicator has not yet entered a strong zone, with limited rebound strength and risk of falling back again.

On volume, volume expanded significantly during the decline phase, while volume contracted during the rebound process, indicating the current rebound lacks sustainability and is more inclined toward technical recovery rather than trend reversal.

Resistance levels: 2060—2080 Support levels: 2020—2045

Current situation is a rebound within a bearish trend, not a reversal.