When the market experiences a pullback, it begins to create an atmosphere of significant decline. However, from a structural perspective, ETH is still operating within a range of fluctuations. Although there was a large bearish candle during yesterday's drop, it clearly had a lower shadow, and the support below remains strong. Since the fluctuation range has not yet been breached, one cannot speak of a genuine downward trend, let alone the start of a trend-based decline; it must break down effectively to be considered valid.
It is important to view this objectively; a single bearish candle does not necessarily predict a subsequent significant drop. On the contrary, after this round of declines, the market's sensitivity to the topic of "interest rate cuts" is decreasing, and retail investors' expectations are gradually fading. The real impact of policies may take longer to manifest over time.
From an intraday performance perspective, BTC and ETH have once again attempted to dip, but the upward movement remains weak, and the market continues to be in a state of reduced volume. The key points to watch next are the line at 107500 below Bitcoin and the gains and losses around 4060 below Ethereum. These two positions are currently the most important support demarcation lines on the chart; if breached, it could trigger deeper adjustments; if stabilized, the fluctuation pattern continues.
