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

After the large decline, short-term bearish momentum has been exhausted, with small bullish rejections forming sideways consolidation; and each time a rebound touches the upper boundary resistance, it quickly drops, with the rebound volume continuously shrinking.

Currently, the hourly trend looks more like a box consolidation as a continuation of the decline. Many friends consider this to be a bottoming period after the decline, but for a consolidation box to turn into a reversal bottom, two conditions must be met: 1. Lows gradually rise, pullbacks no longer approach 1510. 2. Volume increases to break through the box's upper boundary resistance line, and after breaking through, pull back to the upper boundary to hold above support.

Only after a breakout will it gradually transform into a reversal pattern (such as a round bottom, complex bottom), but currently the bearish sentiment is very strong, ready for selling pressure at any time. Combined with the weak weekend volume, it's better to remain short-term bearish for now.

Ethereum: 1583 short, target 1533, stop loss 30 points
#gatesquare