Ethereum's recent movement has indeed been quite fierce. The quote around 11:40 AM was $2,964.65 (roughly 20,710 RMB). From 24 hours ago, it dropped sharply by 7.2%, which is quite alarming. However, in the past hour, there has been a small rebound of 0.59%, a weak bounce after a sharp decline. Looking at the range of fluctuations, the market is very chaotic— the high reached $3,200.37, and the low fell to $2,918. Trading volume remains around 782 million, indicating that while selling pressure is still present, panic has begun to ease.

On the technical side, a few key points stand out: short-term support is very clear, firmly holding between 2930 and 2940, which are the recent low and a technical resonance point. The first resistance above is at 3010 (the golden line resistance on the 15-minute chart). If this level is broken, the next target could be around 3030, with strong resistance at the 3100 mark.

Although the MACD histogram is still negative, it is gradually shrinking, indicating that bearish momentum is waning and bullish forces are starting to accumulate. The RSI has already entered the oversold zone (below 30), which suggests that a short-term rebound is quite possible. The 1-hour candlestick chart shows a "bottoming bullish line" pattern, with the price finding support near 2918 and then slightly rebounding. However, a true reversal signal has not yet formed. Caution is needed as a rebound with low volume could trigger a secondary correction.

What are the bulls thinking? After an oversold condition, technical recovery is essential. The 2900 to 2950 range has formed a short-term bottom structure, and some funds are starting to buy the dip. In the past hour, buy orders have also been gradually increasing. But the risk from the bears cannot be ignored—global risk asset sell-offs have not fully subsided. Bitcoin is still under pressure near $91,000, and Ethereum and Bitcoin are highly correlated. From the 4-hour chart, there is still room for further decline, so this rebound might just be a good opportunity for bears to add to their positions.

The key still depends on whether trading volume can continue to increase. If the rebound occurs with insufficient volume, it’s likely to return to the oscillation range of 2930 to 2980; if volume breaks through 3010, short-term momentum-driven buying could be triggered.