Ethereum surged to 2975 in the early morning but continued to face pressure. Although it rebounded from the early low of 2905 to 2948, the hourly chart already shows divergence between price and volume and a potential double top pattern. The current price is constrained by the resonance pressure zone formed by the Fibonacci 0.618 retracement level and the middle band of the Bollinger Bands. The overall structure indicates a high-level stagnation characteristic. #Gate每10分钟送1克黄金 $BTC

Technical indicators further reinforce a bearish signal: the 4-hour EMA7 moving average has flattened and the price repeatedly tests its support, MACD shows signs of a death cross at high levels, and bullish momentum is clearly weakening. If the rebound continues to be resisted below 2950, it is expected to retest the neckline support at 2905. A break below could extend the decline toward the 2870-2880 region.

In terms of trading strategy, focus on the resistance zone of 2950-2965. When hourly confirmation signals of resistance appear, consider a light short position with a stop-loss above 2980. Targets are set sequentially at 2910 and 2880. Be aware that if the price strongly breaks through the previous high of 2975, the short-term bearish structure will be invalidated.