1. Core Form: Standard Head and Shoulders Top Reversal Formation

From the 30-minute cycle chart, it is clear that the end of this round of rise has formed a complete head and shoulders top bearish reversal pattern: the previous high from the surge created the head, while the rebound highs on both sides progressively decreased, indicating a continuous decline in upward momentum; the 1890 range is the key neckline support for the formation. Once the price effectively breaks below the neckline, it confirms the complete end of the bullish wave, and the bearish trend officially starts.
In the structure of the formation, the head's surge saw increased trading volume, but the two rebounds (left shoulder, right shoulder) showed a persistent weakening of bullish support, reflecting a strong willingness of capital to flee at high levels. The strength of bulls and bears has completed its transition, and breaking below the neckline triggered significant follow-up selling pressure that rapidly pushed the market down. Currently, ETH has fallen to around 1844, with a daily decline of over 3.6%, fully realizing the bearish space of the formation.

2. Range and Key Price Level Breakdown

1. Pressure Range
Above 1890-1860, the original neckline support has directly converted into a strong resistance zone; the previous head at 1946 is the ultimate resistance for this wave, and it is difficult for bulls to touch it again in the short term. During the rebound, 1870 and 1890 will form layered resistance, with bearish selling pressure present on each rebound into the range.

2. Support Range
The first support is 1820, which is the low point of the previous consolidation; strong support at 1790 is the starting point for this round of upward movement, and also the core target range for this round of decline; the lower level at 1760 belongs to deep correction support. If bearish sentiment continues, the price will further test this position.

3. Bull and Bear Fund Market Signals

1. After the price broke below the neckline, sell orders continued to increase, with a one-sided downward movement without effective rebounds, and continuous release of bearish selling pressure;

2. The rebound strength is extremely weak, with each slight recovery accompanied by a significant number of passive sell orders, indicating insufficient support from bullish capital and no signals of reversal stabilization;

3. The oscillating box completely breaks downward, and the previous purple oscillation range has changed from support to reverse pressure, with subsequent rebounds being merely technical corrections that do not alter the overall downward direction.

4. Trend Logic Summary

This high-level head and shoulders top is a very clear signal of wave peak formation. After multiple unsuccessful attempts by bulls to rise, capital collectively exited, breaking below the neckline to initiate a trend correction. In the short term, the market is in a bear-dominated phase, and all rebounds should be seen as correction markets, with resistance at the neckline solid; the segmented support below awaits testing, and only if the price stabilizes above the 1890 neckline can the current bearish structure be reversed; otherwise, the overall pattern will remain a downward oscillation.

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