Ethereum’s overall trend is moving upward alongside Bitcoin, but the strength and continuity are clearly weaker—especially in that the key swing high has consistently not been effectively taken out, and this point is crucial.

On the four-hour timeframe, this is a typical range-bound upward trend, with bulls and bears pulling back and forth. The dips on smaller timeframes aren’t very deep, so it looks like it’s fairly resistant to drops, but the problem is that the highs are gradually decreasing. That is essentially a weak-strong structure that can’t push higher.

Put another way, it looks strong on the surface, but in reality it lacks genuine breakout momentum.

As for the level above 2465, it remains the core resistance. As long as this level keeps failing to break through, it will be difficult for the market to open up truly meaningful upward space. Instead, it becomes more likely to turn into a pullback after high-level consolidation.
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