$ETH Evening thoughts:

The second pancake on the hourly chart has been moving below the central axis of the range, oscillating. There was an attempt to break through the central axis, but the resistance at 2090 was too strong, and it was pushed back. As long as the second pancake doesn't break above 2090, the bulls will remain in a weak phase. Only when it breaks through 2090 on the hourly chart can the bullish trend on the higher timeframe re-enter a strong zone. Additionally, since the second pancake has been operating below the central axis, there is a high probability of testing the lower boundary of the range at 1977. Once 1977 breaks below the previous low of 1936, it will trigger a downward test, forming a double bottom on the hourly chart with a potential for a stronger rebound. The concern is that if it breaks through directly and cannot recover, that would be problematic.
The second pancake with volume breaking above 2056 should be followed with long positions on the rebound; if it drops below 2038 with volume, consider short positions on the downside. Pay attention to volume changes and set proper stop-losses.
On the hourly chart, if the second pancake stabilizes above 2056, look for a move up to 2094-2128.
On the 4-hour chart, if it breaks below 2046, look down to 2013-1966.
On the daily chart, it seems like a head and shoulders pattern is forming. It was close to being invalidated, but since the second pancake on the daily chart failed to stay above 2139, the pattern is still intact. The right shoulder of the head and shoulders is gradually forming, with target levels at 1905 and 1815. To invalidate the daily head and shoulders pattern, it must break and hold above 2139. Otherwise, there's a high chance that the pattern will complete. That's all for now.