The 1-hour chart of Ethereum over the past four days shows clear bottom support characteristics. The price level of 2900-2890 has been touched three times, each time accompanied by a rapid rebound with a relatively significant bounce. This morning, it surged to 2994 but retreated again in front of the 3000 resistance level, ultimately forming a weak oscillating trend.

From a technical perspective, if the bulls truly take control, the EMA5/10/20 should quickly diverge, and the 4-hour chart should stabilize above the EMA50 and effectively retest without breaking below. Currently, these signals have not appeared.

More concerning is the change in trading volume. The volume was very obvious during the early decline, but the strength of volume during subsequent rebounds has gradually diminished. Although the open interest is rising, indicating that funds have not exited significantly, the volume during rebounds is insufficient to support a new upward wave, suggesting that bullish momentum is waning.

Once the subsequent rebound loses volume support, the market may enter a long-term range-bound oscillation or continue to probe lower.

Current trading strategy: short entry at 2990, take profit at 2900, stop loss at 2050. If you haven't entered yet, you can place a 2x position order at 2990. The Bitcoin options settlement this afternoon did not trigger much volatility, and the performance of the US stock market in the evening will be a key observation point. Traders should closely manage their position risks.