Last night's bounce was just a flash in the pan? Key levels are here.

Last night's price action once again proved one thing:
News can affect sentiment, but it is always capital that determines direction.

The Middle East situation and US-Iran negotiation news alternately stimulated the market, and ETH saw a brief bounce, but ultimately failed to change the overall weak pattern. After midnight, the bears took the initiative again.

From a technical perspective, support around 1550 remains quite strong, as prices were quickly pulled back again by capital after a rapid decline. However, the market is still in the downward oscillation channel since the high of 1849, and the trend has not fundamentally changed for now.

Next, focus on two key levels:

Above, 1646 is the short-term bull-bear dividing line;
Below, 1604 is the current important support.

If it can stand firmly above 1646, the bulls will have a chance for further recovery; if it breaks below 1604, caution is needed as the bears may strike again.

At this stage, I prefer to wait for the market to provide a clear direction.

When you can't make sense of it, trading less is often more important than frequent trading.

Trading is about waiting, not guessing.