Ethereum quickly rebounded after receiving support at the medium-term trend line, but faced resistance and retraced after reaching the short-term supply line. Currently, Ethereum is caught between the medium-term trend line and the short-term supply line, leading to uncertainty in the short-term trend.

What can be confirmed now is that the recent uptrend of Ethereum since late June has ended, entering a medium-term adjustment phase. However, the specific path of the adjustment wave has certain uncertainties, with two main possibilities:

Scenario 1: Ethereum drops after being blocked by the short-term supply line, breaking below the medium-term supply line, completing the A wave drop. This movement is likely to be a zigzag adjustment (5-3-5 structure);

Scenario 2: Ethereum receives effective support at the medium-term trend line, completing the A wave, and then significantly rebounds to form the B wave. This movement will be more complex, possibly a flat adjustment (3-3-5 structure), or it could be a double top.