Having been in the crypto circle for a long time, you understand, 'the market is like a play, all depends on the performance of the market makers', and on August 20, 2025, ETH staged a 'tragic play' that made the bulls cry. From the K-line to the news, there are traps everywhere, every sentence is a setup. Today, Qing Yao will clearly explain this wave of ETH market.

K-line horror: Bollinger Bands opening downwards, 3950 becomes 'the meat grinder'

Open the candlestick chart, and at first glance, you can see the Bollinger Bands hanging down like a burst balloon, with the opening directly drooping downwards. The white line in the middle is even more brutal, directly transforming into 'high voltage', and the price has no courage to even get close, sliding along the lower band like a 'free fall simulator'. Looking at the marked area near 3950, it’s essentially a meat grinder for bulls and bears — the bulls rush in and get cut, the bears come in and make a killing, and the red arrow is there to add insult to injury: 'Don’t run, there’s a basement below!' Even worse, the descending channel has been welded shut; every time the price tries to rebound, it gets slapped back down by the middle band, making it a clear 'rebound is a short point' script. The bull group is probably playing this on repeat (cooling down).

Volume mysticism: the main force 'quantum selling', bottom-fishing funds collectively 'playing dead'

Looking at the volume, those red and green bars alternate like traffic lights, but this light is making people anxious. The main force is clearly playing 'quantum selling' — pulling up the red bars to entice longs for a moment, then smashing down the green bars to trap people. The MA5 volume line is being pressed down, with no strength left to resist. The key point is that the 5-day average volume is only 162k, firmly pressed down by the 10-day average volume of 194k. What does this indicate? The funds for bottom-fishing are all observing from the shore, no one dares to jump in, and now the market sentiment is like 'zombies surrounding the city'.

Indicator complaints: MACD 'death cross', RSI playing 'don’t go, fellow countryman'

On the technical indicators side, it’s all black humor. First, looking at MACD, the moment the fast line crosses below the slow line, that green bar is greener than chives in the field; this death cross is not just a death cross, it’s simply a 'death kiss'. Short-term bulls seeing this trend are advised to lie flat, don’t struggle. Looking at the three lines, they are collectively crashing; this is most likely a 'don’t go, fellow countryman' trap, just waiting for greedy people to jump in. Overall, looking at the technicals, the bears have long controlled the market; if the price can’t break the middle band at 4100 during a short-term rebound, that’s a hand-delivered shorting opportunity. Want to catch the bottom? First, recite (the Great Compassion Mantra) three times to calm down.

Qing Yao’s suggestion: short-term 'taking nuts from the fire', Buddhist faction 'out of sight, out of mind'

Remember this is 'taking nuts from the fire', stop-loss must be set below 3950 by 3%, otherwise, it can easily turn into 'charity gambling', giving away your capital. For contract experts, it’s even simpler; if it hasn’t stayed above 4100 on the 4-hour level, never go long, the trend is downward, 'better to miss a short than to let one go' is the way to go. As for the Buddhist-style holders, Qing Yao’s suggestion is to directly uninstall the exchange app and chant 'if I don’t look, it hasn’t dropped' three times; this is the ultimate defensive skill for surviving in the crypto circle.

Tonight will determine life and death, are you ready to ride the 'market maker roller coaster'?

Honestly, today’s ETH market perfectly illustrates what 'the drop is unrecognizable' means, but seasoned investors all understand that the market always rebounds 'in despair'. Tonight, will we be eating meat or noodles? Let’s wait together for the result and see who the winner is and who the chives are! Follow @加密青遥 to help you turn the tide! #杰克逊霍尔会议