From a technical perspective on Ethereum, if it cannot break through the upper edge of the bullish flag, the subsequent risk is considerable. Once it falls below the 2937 level, the downward speed will be more than twice that of the previous rise, and it could quickly rush towards 2844. This is a chip vacuum area, and it will drop quickly. Therefore, the key support level is 2937; as long as it hasn't broken, it will still be oscillating in a relatively safe range. Once it breaks, there will basically be no suspense.

To stop the continued fall, it is necessary to regain 2970 and aim to run above 2993; otherwise, maintaining the current consolidation pattern would already be considered a relatively ideal state. There is no need to wish for too much.

In terms of operational advice, if Ethereum breaks through 2970 with volume, you can consider going long. If it falls below 2932 with volume, be cautious about going short. The key is to observe changes in trading volume, and remember to set a stop loss.

From the perspective of the hourly chart, if it holds above 2970, it will look towards the 3000-3037 range. The four-hour chart should pay attention to the 2944 position; if it breaks below, the support levels are at 2885 and 2812.

From the trend perspective, the previously mentioned hourly M-shaped pattern has already formed. Because it has broken below the 2975 neckline, and it failed to recover above 2975 afterwards, since it cannot recover, it will continue to move downwards. Only when it can stand back above 2975 again will the M-shaped pattern possibly be invalidated; otherwise, the short-term trend remains weak.