Everyone, the current market structure exhibits typical characteristics of oscillation and capital accumulation. The narrow oscillation of the past week is essentially a consolidation at the 4-hour level, while the wide oscillation over the past two days is essentially a trade-off of space for time, completing the turnover of capital - the main force has completed the cleaning within 48 hours using the amplitude of two weeks, which is a typical 'swing action'.

From the on-chain data, Ethereum has indeed completed a large-scale liquidation around the $2000 mark, triggering a total of $1.2 billion in forced liquidation orders just this week. However, there is a cognitive bias in the market; the current funding rate for Ethereum perpetual contracts continues to show a positive premium, indicating that long positions are overly crowded, which is the core factor restricting the price - not Vitalik's code, but the imbalance between supply and demand in the market.

For Bitcoin on the 4-hour chart, the CME futures premium continues to maintain above 0.8%, with institutional holdings breaking historical highs, which is a typical bull market structure. The current price, after completing two segments of 4-hour driven waves, has an 80% probability of entering a 2-hour converging triangle consolidation. Brother Bai suggests paying close attention to the 83000-81200 Fibonacci support, where multiple indicators resonate.

You can also take a look at the depth chart; the current market sentiment shows polarization. When most people fear the 2-hour level volatility, it is precisely the golden window for establishing a bottom position. Above, there is $680 million worth of selling liquidity accumulated at 90888-92488; once this pressure band is broken, it will trigger the buy-following instructions of algorithmic trading systems. Remember, the 80/20 rule of capital markets has never changed - when 80% of people hesitate, it is precisely the timing for 20% of smart capital to position themselves.