After the release of the PMI data for the service industry, the market experienced a short-term decline. Last night, the price of Bitcoin and Ether turned downwards, directly causing a market crash. However, the support below is still evident, and overall, it remains in a range-bound adjustment.

In the early morning, the price of the pancake continued to dip, reaching a low of 112600, and then entered a brief consolidation period, where both bulls and bears formed a temporary balance. As buying pressure gradually built up, signs of stabilization and recovery began to appear. In the morning, the Fan bounce failed to maintain its gains and entered a state of consolidation. The small cycle still belongs to a weak range-bound trend.
Ether and Bitcoin have maintained a synchronized rhythm in their movements, first surging to a high of 3611, releasing a wave of bullish momentum, then falling back to 3545 as profit-taking occurred. However, during the decline, the support strength was decent, and there is still room for stabilization and further testing of the 3750 level and previous highs.
Currently, Bitcoin's resistance has shifted down to the 116,000 level, with support at the 112,000 level; Ether's resistance is at the 3,800 level, with short-term support at the 3,500 level.