Ethereum and Bitcoin’s mid-term downtrend has been ongoing for 8 months now, and it has reached the tail end of the mid-term decline. Moving forward, it is important to focus on the formation of a choppy, range-bound bottoming structure. After that choppy bottoming is formed, the price action will also begin a mid-term rebound.

On the daily chart: after 5 days of decline last week, a rebound started from the weekend into Monday, but it hit resistance at that point. Then there was a rapid sell-off last night. It is expected that after today’s daytime rebound, the downtrend will still continue.

For Bitcoin, the main rebound resistance is mainly around 64,800, with a turning point at 65,600. For the downside, the temporary level to watch is around 62,000. This week, the main focus is the 62,000–61,000 range. As long as this range is not broken this week, the mid-term rebound will be triggered.