From the 4-hour level chart of ETH,

I still lean toward the view that a recovery phase will occur first,
rather than a direct continuation of the one-sided decline.
First, the bearish momentum of the MACD indicator continues to shrink,
and the sell-off force on the chart has significantly weakened.
The market is transitioning from the previous panic release phase
to an emotional recovery cycle.
Second, trading volume has been shrinking recently,
indicating that bears' willingness to push prices down further has greatly decreased,
while bulls have not yet entered a full-force stage.
The current chart is more in a state of accumulation waiting for direction.
Third, the market funding rate has remained low and positive,
and long positions are not at all overcrowded.
This means that even if a rebound occurs later,
it will not be an overheated short squeeze.
The recovery trend has sufficient room to continue. $ETH