Currently, the market has re-entered a weekend consolidation phase. From the Ethereum hourly perspective, the price did not continue to make new lows after hitting the 1510 low, but it also did not steadily raise the lows; the trend fluctuates up and down repeatedly.

After the sharp decline, short-term bearish momentum has been exhausted, with a small bullish rejection forming sideways consolidation; and each time a rebound touches the top resistance, it quickly falls, and the rebound volume continues to shrink.
Currently, the hourly trend resembles a box consolidation as a continuation of the decline. Many friends consider this to be a base-building period after the decline, but to transition from a consolidation box to a base reversal, two conditions must be met: 1. The low gradually increases, and the pullback no longer approaches 1510. 2. Volume increases to break through the box's upper resistance line; after breaking through, a pullback to the upper boundary should hold as support.
Only after breaking through will it gradually turn into a reversal pattern (such as a round bottom, complex bottom), but currently the bearish sentiment is very strong, ready to sell off at any time. Combined with the weak weekend volume, it's better to remain short-term bearish.
Ethereum: 1583 short, target 1533, stop loss 30 points
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