The market conditions on Wednesday, $ETH can be described as indecisive, with the overall market still maintaining a range-bound operation between 105000-107000. The only highlight of the day is the breakthrough of the 107000 level, but the current situation is fluctuating around the 107000 level. The price of Bitcoin reached a daily high of 107166. In the afternoon, Ethereum's market showed a tug-of-war between bulls and bears, overall still slowly retreating around the bears, with the price dropping to a low of 2405 in the afternoon.

From the one-hour chart perspective, after breaking the support and reaching the 98115 level earlier, the subsequent market has basically been in a one-sided upward correction. The trend is relatively slow. From the current 4-hour technical indicators on the chart, although it is at a short-term high, multiple technical indicators and price structures show that the upward momentum is weakening, posing significant correction risks. The key resistance level of 107500 has been successfully suppressed, and the volume shows a divergence characteristic of shrinking bullish and expanding bearish. The main force is selling at highs. The KDJ indicator is turning down in the overbought zone, about to form a death cross; the MACD momentum bars continue to shorten, indicating a reduction in bullish strength; the RSI has not broken through the 70+ strong bullish area, showing weakness in the upward movement. In the evening, we will make two plans, looking for a correction around 107500, and following the trend if it breaks through.

Bitcoin: Can short near 107500 with a short-term target of 105000

Ethereum: Can short near 2450 with a short-term target of 2350