Ethereum's recent market structure is showing critical changes, with short-cycle technical momentum beginning to shift. The RSI trendline on ETH/USDT has broken below, indicating that the previous upward momentum has significantly weakened, and the market is about to enter a new trading rhythm.

The ETH/BTC trading pair, while temporarily stable, has a structure approaching a critical point. Once it breaks through, it can easily trigger cascading effects and magnify subsequent volatility.

Many times, price hasn't shown obvious reactions yet, but internal momentum and structure have already changed beforehand. Surface calmness doesn't represent trend stability.

Currently, the overall market remains in a state of mixed bullish and bearish factors. Mainstream assets appear resilient, but in reality rely more on capital inflows and sentiment support rather than solid bottom-level structure.

Combined with recent large-scale option expirations and key settlement nodes in traditional markets, while these don't directly determine direction, they can easily amplify existing volatility and accelerate trend selection.

Overall, the market is in a momentum transition phase: upward pace is slowing, and new direction hasn't fully clarified yet.

Going forward, the focus is no longer simply on bullish or bearish movements, but on observing whether structure continues to evolve and whether various trading pairs can form resonance.

In this stage, tracking changes is far more important than predicting conclusions. $BTC $ETH #以太坊L2叙事再升级