From a weekly perspective, the current KDJ and MACD are overall trending towards a weakening with reduced volume. The BOLL is continuing to open, and note that the middle and lower bands are slightly moving upwards. Therefore, for the trend line, the middle BOLL line is regarded as the key short-term support level (the real-time price of BOLL is also around 0.618). In the main chart, the current increase of MA5 is showing signs of weakening, and there is a rhythm change in the indicators with a downward trend. However, MA10 has not yet linked with the bears (the market will only 'release the floodgates' when all MA lines for three days are interconnected). Additionally, the price on the main chart has created a gap with the MA5 daily moving average. Personally, I estimate that this gap will be filled within the week (most likely it will repair simultaneously after the daily TD9 appears for Ethereum and Bitcoin, of course, this situation will occur after Wednesday). Conversely, if the market repairs in advance at the beginning of the week, it will drop more sharply in the latter half of the week. In fact, this gap is neither too big nor too small. Bitcoin's weekly line has almost no gaps, so I personally recommend focusing on high-risk short trades this week (as for Ethereum, there may be a slight rebound to adjust the sentiment during the week; I will try to provide early warnings in daily real-time market analysis).
From a daily perspective, the current KDJ, MACD, and BOLL continue to resonate downwards. However, everyone needs to note that the opening amplitude of the BOLL lower band is not too strong, which limits the short-term downward space for Ethereum (personally, I still continue to see a sideways downward trend in the short term today, but every day thereafter, everyone needs to be careful as Ethereum may suddenly drop or experience a short-term rebound after a spike). In the main chart, the MA5 and MA10 daily moving averages continue to suppress downwards. Based on the current situation, the intraday short-term for Ethereum is still inclined towards a sideways downward trend.
From a 12-hour perspective, KDJ, MACD, and BOLL are continuing to resonate downwards, with BOLL's downward trend being the most pronounced, and the lower band is in a continuous opening phase. In the main chart, the MA lines for three days continue to be arranged in a bearish pattern and are declining (compared to the daily and 12-hour lines, the bearish sentiment and technical suppression in the 12-hour line are actually greater than that of the daily line). Therefore, based on the technical signals from the 12-hour line, today the short-term is still primarily sideways with a downward trend. Everyone should pay attention that once the pressure from the MA5 on the 12-hour line relaxes, or if the price falls to the lower BOLL band and the price has been closely adhered to the lower band for a long time (similar to the current state of the daily line price with the lower BOLL band), then the short traders can take a break, and at lower levels, they can gradually take small positions to catch a short-term long adjustment.
Summary: For today's intraday short term, I still continue to look for a primary sideways downward trend. The key support for the lower points is still referenced in the area around 3114-2900 (this area is the key support level for the overall market).
As for the technical aspect, currently, the daily line bears have no room for further decline, but the pressure on the 12-hour chart is still quite strong. Therefore, based on the 12-hour sentiment, we continue to look for a primary sideways downward trend today. It's just that we are now at a low point, and the weekly Ethereum has created a gap with MA5, so when shorting in the short term, we need to be cautious (can't be too greedy). The premise for continued bearish sentiment to aggressively crash the market is that there will be a technical rebound for recovery in the short term (after all, the current short sentiment is too strong, and the whales need a round of rebound to harvest chips while also having more chips to sell high and create stronger 'waves').