ETH Structural Diagnosis — From "Big Drop" to "Big Horizontal" 🧠

$ETH Daily Chart Level: After a rapid liquidation (Spike), it is currently in the typical "second stage of evolution" in Price Action (PA): transitioning from a unidirectional trend to a trading range.
The most intense momentum of the bears has been exhausted, and the market is searching for a new value center.
1H Perspective: Classic 3-Legged Drop Structure 📉
Observe the 1H chart:
The reversal did not lead to an immediate reversal but instead formed a complex "three-phase decline" sideways movement.
✅ Leg 1 & 2: Highs are continuously decreasing, testing support.
✅ Leg 3: Currently testing the key level of $1,992.
In PA theory, a three-wave decline often forms a Wedge ( wedge ) support, which is a signal of bulls attempting to bottom out.
Future Strategy Outlook 🎯
1️⃣ Bullish Observation: If Leg 3 stabilizes around $1,990 and shows a TRAP ( trap ) signal, it presents an excellent left-side opportunity.
2️⃣ Bearish Defense: EMA 20 remains the main resistance level. Until it stabilizes above the moving average, all rebounds are considered as breathing within the range.
3️⃣ Big Picture: The daily rebound target is set at $2,146 ( Fib 1 level ).
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