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This market movement is really head-scratching! ETH's hourly chart clearly shows a downtrend, but the market keeps showing some strength trying to push upward. Will we touch the 2150 resistance level today, or head straight toward 2010 or even 1960?
News/Fundamentals:
The current funding rate is negative with basis contango, indicating bearish market sentiment and a lack of bullish intent from major players. Bulls are exhausted, and any rallies easily become "bull traps."
Summary View: The fundamentals don't support a strong breakout—any rebounds present selling pressure opportunities.