The neckline defense and range trading strategy under the shifting highs and lows of Ethereum.

Signals of Core Logic and Weak Patterns

• Hourly highs and lows are synchronously declining: indicating a short-term weak adjustment, with each rebound failing to break through previous highs, while declines continue to create new lows, showing insufficient bullish momentum;

• The key role of the 3519 neckline: this level is an important defense line in the current weakness—if it holds, the range-bound fluctuations will continue, and the support around 3519-3482 USD can provide a buffer; if it breaks, it opens up downward space, and we need to look at the target level in the right yellow box, which corresponds with the 3454 USD target after the break of 3544 USD on the 4-hour chart.

Key Level Trading Strategy

• Long Conditions:

1. Breakthrough at 3610 USD → chase long on the right side, target 3602 → 3633 USD, retract stop loss (breakthrough needs to be supported by volume, confirm weak reversal);

2. Pull back to confirm support at 3519 USD → take a light long position, stop loss if it breaks below 3483 USD;

3. Long position of $3454 on the left side, stop loss at $3424 (buying the dip after a significant drop, requires extreme market conditions after the neckline is breached);

4. Stand firm at 3602 USD → increase long positions, targeting 3679 USD, need to break through the pressure ladder with volume support.

• Short selling conditions:

1. Volume breaks below $3572 → short on the right side, target $3560 → $3519, if it rebounds and cannot recover, stop loss;

2. Short sell lightly at $3679, stop loss at $3713 (short sell at resistance level, requires confirmation of weak rebound lack of strength);

3. If it breaks below $3544 on the 4-hour level → increase short positions, aiming for $3454, resonating with the neckline at $3519.

The offensive and defensive boundaries of pressure and support

• Pressure zone of 3602-3679 USD:

◦ Is the key resistance for a weak rebound, every level of pressure may become the starting point for a pullback, be cautious when chasing long positions, wait for a breakout confirmation;

• The defensive significance of the neckline at 3519:

◦ As the "line of life and death" for short-term long and short positions, if it does not break, you can rely on support to lightly try going long; if it breaks, then completely shift to a bearish mindset and abandon any fantasies of catching a falling knife.

Summary: Ethereum shows clear weakness in the short term. The core operation is: long positions rely on a breakout above 3610 USD and stability above 3602 USD, while short positions closely watch for a break below 3572 USD and failure at the neckline of 3519 USD. Do not blindly chase rebounds in a weak market; prioritize defense.