Share the current market analysis.

Weekly:

Last week, a long upper shadow bearish candle was formed, breaking below the second long-term upward trend line, which indicates a volume shrinkage breakdown. There are signs of weakening bearish momentum, currently lingering in the 76600-88772 fluctuation range, getting closer to the strong support area below. Observe the subsequent market; if it gradually approaches the last rebound high of 73794, we should watch for a potential stop-loss signal near the densely traded support area over the past 238 days.

Daily:

On April 2, the high point of 88563 was tested again but was pushed down by the bears. On April 6, there was a significant volume breakdown of the recent upward trend line. Currently, it is hovering near the lower support area of the fluctuation range 78197-95152, where there is some support. Observe if a stop-loss signal forms here to strengthen the judgment basis.

Summary:

The weekly level background is in the mid-phase of a bull market; the overall trend has not been broken, belonging to an adjustment period. The adjustment period has been relatively long, and after it ends, it is likely to enter the mid-phase of a bull market, which is the main upward wave stage.

The current market has not yet stopped falling, and the lower support is strong, awaiting a clear stop-loss signal to appear.

The daily level trend background is a downward continuation; the third test of the low point is nearing the lower support area of the fluctuation range. We should observe if a stop-loss signal appears; if it does, the probability of a bottom formation increases. If it continues to break down with increased volume, then it will look for a lower support area to rebuild the bottom.

The Ethereum Prague upgrade is scheduled for May 7. After the upgrade, the fundamentals of Ethereum will improve, while the capital aspect has not fully released positive news. Interest rate cut expectations may come in the second half of the year, with at least two rate cuts anticipated this year. From an emotional perspective, the market is extremely fearful, no longer believing in a bull market, and generally thinking a bear market is coming. Subsequently, there will only be rebounds, not a bull market trend. Moreover, the entire market has not yet shown a profit effect or a state of retail investors' crazy FOMO. In summary, considering the technical aspects, capital aspects, emotional aspects, etc., it can be determined that we are still in the bull market cycle.