Bitcoin fell below the $100,000 mark on Sunday, hitting its lowest level in over a month, while ETH at one point plummeted over 10%. According to reports, Iran has threatened to block the Strait of Hormuz, a vital shipping route that carries about 20% of the world's oil supply. JPMorgan warned that a complete closure of the Strait of Hormuz could cause oil prices to soar to $130 per barrel. Such a surge could lead to a rise in the U.S. inflation rate back to 5%, coupled with the Federal Reserve still actively raising interest rates, this outlook has prompted traders to reassess interest rate trends and withdraw from speculative assets like cryptocurrencies.

From a technical perspective, ETH is once again facing downward pressure under a large bearish candle, displaying a typical weak pattern. From a larger perspective, the weekly EMA50, which I mentioned last Thursday at the 2570 position, has initially formed resistance, and mid-term topping signals are becoming increasingly evident, which means that short-term weakness will likely continue; on the 60-minute chart, the current price is under pressure, oscillating downward around the middle Bollinger band. There was a rebound in the morning, but the strength was quite weak, showing a fragmented upward pattern, indicating more of a correction. Weak corrections should focus on the 236 retracement level, which is also a previous low, positioned at 2290. Below, pay attention to the current top-bottom position around 2100. The overall strategy is to focus on short positions.

In terms of operations, it is recommended to short around the 2290~2295 area, with a short-term target of $150~170. On the downside, go long around 2100~2105, with a target of $60~80. The short position for Bitcoin can be placed near 103200.