Yesterday, the overall trend for the market entered a consolidation phase characterized by oscillations and downward movement. From an intraday perspective, the market's willingness to rebound (Fan bounce) continued to weaken. During the evening session, the rebound peaked around 104,200 but faced resistance and declined again. As of early this morning, the low dipped to around 100,250. Although there was a slight rebound at this level, the rebound strength remained weak, and the market continued to trend sideways with slight weakness. Currently, the 100,000 level has become a key short-term support. Without positive news to inject liquidity, the weak rebound momentum may persist. We should remain cautious of the risk of a phase correction.

Ethereum also faced resistance after reaching around 3,480, with a downward correction trend similar to that of the market. Yesterday’s daytime trading showed a pattern of oscillation and decline, which may also lead to further downward movement in the market, especially if the correction in the market’s main asset continues. We need to watch out for the risk of correlated declines.

Currently, the short-term resistance for the market is around 105,000, with support at the 100,000 level. For Ethereum, short-term resistance is near 3,500, with support around 3,200.