2026.3.17 ETH Early Session Analysis$ETH

ETH has rallied from the 2085 low to the 2384 high, with gains approaching 300 points.

The 4H timeframe exhibits a clear five-wave uptrend structure, with two major impulsive waves from 2112 to 2248 and 2272 to 2384 respectively, completing sufficient pullback consolidation in the 2233 to 2307 zone in between. Current price of 2371 is oscillating in the high zone of the second major impulsive wave. In the early morning, a classic liquidity sweep occurred—after price surged to 2384, it quickly fell to 2329, then V-recovered back to 2371, forming wide-range oscillation between 2329 and 2385.

From a structural perspective, the 4H major trend remains strongly bullish with eight consecutive green candles, EMA20 well above EMA50, and price holding above all moving averages. However, a warning signal appeared on the 1H timeframe: the 2384 surge-and-drop has formed a potential double top pattern; a break below the 2329 low would confirm a 1H CHoCH shift to bearish. Currently, the core range for long-short contention is between 2340 and 2385, with 2340 to 2350 as a strong demand zone (V-rebound launch points in early morning), and 2378 to 2385 as a strong supply zone (twice rejected at these highs). Funding rate is -0.0014%, indicating slight bearish sentiment but with extremely minimal magnitude.

Today's operational strategy recommends primarily buying on dips. Without a 4H trend change, avoid counter-trend short positions. Wait for price to retest the 2350 to 2355 demand zone, confirm the reversal, then go long; or wait for a volume breakout above 2385 to chase longs. Short only at the 2380 to 2385 resistance zone with clear reversal signals, using light positions only.