Over the past few days, $ETH has rallied from around the first-phase level of $1,850, peaking at $2,807.67, completing a clear upward trend. However, it failed to break above $2,808 and subsequently declined continuously, breaking below both the EMA20 and EMA50. The previous upward structure has been compromised, and the short-term momentum has shifted from strong to weak. Currently trading around $2,418, the daily chart shows a slight rebound, but the MACD remains in negative territory. Thus, this movement can only be viewed as a corrective pullback within a broader downtrend, with no clear reversal signal yet. We must prioritize monitoring the key level at $2,400. Only if price regains and closes above the $2,485–$2,520 range can the daily structure begin to recover—this is the direction I favor. We may see a stabilization signal near $2,400, followed by a retest of $2,485–$2,500 and a subsequent push toward $2,515–$2,550.