I looked at the K-line trends of several mainstream coins and found that, apart from Ethereum breaking new lows in this wave of the market, the others are all at a certain distance from their previous lows. The purpose behind Ethereum is to cause panic by using it as a focal point. From the hourly chart of Ethereum, I believe it has entered a phase of range consolidation. After the last sharp drop, the range consolidation ended, and after a period of overall increase, it broke down again, this time history may repeat itself. Given that Ethereum is leading the decline, I think it is also likely to lead the rebound. However, it is too weak; it still needs to be combined with Bitcoin. I believe there are currently only two scenarios: 1. Ethereum breaks down below 16, then starts to rebound; 2. After range fluctuations, it starts to rebound and then continues to drop. Although Ethereum's weakness is acknowledged, there must be manipulation behind this independent leading trend, aimed at influencing the overall market. It might be worth looking at which institutions hold the most Ethereum to predict their next move.