ETH's overall trend remains in a range-bound consolidation structure, with prices moving back and forth between 2200 and 2400, as both bulls and bears continue to struggle, and no clear trend has formed. From a structural perspective, after a decline earlier, there was a rebound, but the momentum is weak, indicating the market is still digesting pressure. Capital is flowing back but lacks the strength to push prices higher. Resistance in the 2350–2400 zone is evident, with multiple tests failing to break through effectively, suggesting short-term selling pressure still exists; only if volume can stabilize above 2400 will the trend potentially turn bullish, further challenging higher ranges.

Below, 2200 serves as a short-term key support level, with multiple touches indicating buying defense. If broken, prices could quickly test the 2000 integer level, possibly triggering further selling pressure. Therefore, the current market is essentially a "mid-range consolidation," with high risks for both chasing longs and chasing shorts. It is more suitable to adopt a range trading mindset, positioning near key support and resistance levels.

Overall, ETH is in a compression phase before a directional choice, and short-term focus should be on the breakout of the range. Only when the 2200–2400 oscillation is effectively broken will the trend show clearer continuation.