Ethereum's recent trend can be fully analyzed using wave theory. The rebound starting from the blue point essentially forms a large-scale combined corrective wave, with an internal structure of a double three pattern, labeled as WXY.

Specifically, the W wave formed by the blue line is also a double three corrective structure. The subsequent X wave, marked by the red line, also follows a combined double three pattern internally. When it reaches the Y wave marked by the green line, it may evolve into a 5-wave impulsive move. This rebound has already fully completed, with 34.774 yuan being the absolute top of the medium-term rebound, and the upper band of the 5-day KC indicator has reached its limit.

Starting from the purple point, a new downward trend has begun. Currently, the purple line has already formed three segments, with the third segment still in progress. The next step is to closely observe the performance of the rebound resistance levels—if the rebound cannot effectively break through key resistance levels, the logic for classifying the downward wave remains valid; conversely, if it breaks through effectively, it indicates that only two segments have been completed so far, and the current phase is the second upward stage.

From the perspective of the long-term bear market target, the overall decline will extend to the extreme zone. It is worth noting that each turning point in Gann theory aligns precisely—key dates such as December 31, 2025; January 1, 2026; January 6, 2026; January 10, 2026; January 15, 2026; and January 19, 2026—all hit accurately. It is up to you to judge whether each node is a top or a bottom.