In the early morning, Ethereum continued its overall pattern of first rising sharply and then consolidating at high levels. After starting around 2052, it quickly surged to near 2124, then faced resistance at high levels and pulled back, oscillating within the 2090–2110 range. From the trend perspective, this morning’s rally was mainly a release of previous low-position sentiment, but after reaching above 2120, it did not form a sustained volume breakout. Instead, it repeatedly gave back gains after touching above 2120, indicating that selling pressure at high levels remains significant.

As the market entered the morning, it repeatedly fluctuated around the 2100 level. Although there were some rebounds, they lacked continuity. The overall rhythm shifted from the early morning’s proactive push to high-level consolidation and digestion. Short-term bullish momentum has noticeably weakened. Currently, the market has returned to around 2095, which also shows that funds remain cautious about the upside potential.

From the current market structure, the 2120 area on the 4-hour chart remains a key short-term resistance zone. This is both the recent high point and the area where bears have concentrated their selling during the rebound. Until it is effectively broken, chasing high blindly is not advisable. The MACD on the short cycle has begun to contract, with the red bars gradually weakening. Smaller cycle and 1-hour structures are also showing signs of top fatigue, indicating insufficient momentum for further short-term upward movement.

Initially, focus on the support at around 2085. If this level is broken, the market is likely to seek support around 2068–2055. The 2055 level is also an important low structure support from the early morning rally phase. Overall, the current trend leans toward a correction after high-level oscillation, and as long as the upper resistance is not broken, the outlook remains bearish.