$ETH Evening thoughts:

Talking through the chart: The second pancake on the hourly chart formed a bullish flag pattern but was pushed back down again. Breaking through the white resistance was quite difficult. If it can return to the upper boundary of the flag and stabilize, the two needles pointed out by the white arrow—whether they are bottoms—is uncertain. But the second downward needle broke the previous low, creating a lower low. If it drops again without breaking the 2870 low, then that could be a short-term bottom. Breaking below that is not a bottom yet. Currently, this sideways consolidation pattern has little to interpret.
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The second pancake with volume broke through 2932 on the right side, so look for long entries; a volume breakdown below 2910 on the right side suggests a short position. Pay attention to volume changes and set good stop-losses.
The second pancake on the hourly chart stands firm at 2951, aiming higher toward 2996-3025.
On the 4-hour chart, a breakdown below 2914 points to a target of 2857-2810. If it breaks 2857, a new low will form, and the decline will continue.
Continuing to look at the chart:
According to the Fibonacci levels on the hourly chart, the target for this wave of decline has already been reached at 1:1. Whether it can reach 1.618 depends on whether the previous low at 2870 will be broken. If not broken, no big deal; if broken, it must reach around 2797 near the 1.618 level.
Tonight at 9:30, non-farm payroll data will be released. Everyone should be aware of short-term intense volatility. If you cannot withstand the fluctuations caused by the non-farm data, do not open positions. Wait until after the US stock market opens and the market stabilizes late at night before trading. End of discussion.
$ETH