Currently, Ethereum as a whole is experiencing a downward correction on the weekly chart. There’s no need to discuss bull or bear markets, as these are determined by liquidity. At present, there are no signs of liquidity exhaustion; what we’re seeing is just sector rotation in global economic liquidity. This is a reflection of major power struggles and current geopolitical conflicts, which impact our crypto sector and we can only silently endure.

As for the price action, in the short term, the four-hour level downtrend for Ethereum has ended. Whether it can break through 3056 will determine if the daily-level consolidation and downtrend can end. Today, focus on continuing to go long at the lower boundary of the four-hour upward channel, and set up short positions around 3056. For the future, watch if 3150–3200 can be broken and held; if it can be held on the daily chart, the outlook turns bullish and the overall correction is over. Currently, this upward move is just an oversold rebound at the four-hour level and hasn’t broken any key levels.

I still believe that the next major move will require stimulation from tomorrow’s balance sheet reduction and further tightening, and the earliest it can start is February next year. The current rise is just a rebound. For extreme bottom-fishing, I’m still eyeing 1990 for Ethereum, though it doesn’t necessarily mean it’ll get there. As long as the current price consolidates for half a month, the probability of a downward move isn’t high. As long as the current trendline isn’t broken, we’ll continue to look for short-term upward opportunities in this round. Focus on buying the dip during pullbacks, and pay attention to any trendline breakouts.

For intraday trading, watch out for sudden surges in volume. Recently, avoid being trapped, whether long or short, as there’s significant room for movement in both directions.