In the past couple of days, ETH has shown a stronger performance compared to other coins, meaning it has experienced less decline during the market pullback. This actually sends an important signal: the main capital may not intend to sell off too much anymore, indicating that they may have completed their previous adjustment targets.

Next, we need to focus on the trends of altcoins. The current situation resembles a stage of 'final emotional clearance'—many people are starting to panic and cut losses, and at such times, it often indicates that a market reversal is not far off.

Therefore, we can draw a few clear conclusions:

1. Altcoins are undergoing the final round of cleansing, which is the 'extreme panic' phase before the rebound;

2. If Bitcoin can pull back to below 100,000 and stabilize, it could become a key point for market sentiment reversal;

3. Ethereum's strong performance during the downturn indicates that the capital allocation behind the market is nearing its end, and the structure may need to strengthen again;

4. The real 'golden pit' cannot be guessed; it can only be unearthed from the 'emotional extremes' when everyone is most panicked and lacks confidence.