The ETH movement can be considered a standard top formation. After the first peak, there was a consolidation phase followed by a false breakout to form a secondary peak, then a rapid decline. This type of secondary peak is typical of such formations and represents a very standard topping head-and-shoulders pattern. According to wave theory, this is an ABC decline in three phases.

The first wave belongs to the A phase of the decline, followed by a B wave rebound, and then the C phase which is the ultimate acceleration downwards. Currently, we are in the C phase of accelerated decline. Judging by this pattern, the first low is basically in place, with the benchmark division line around 1.618. However, as it stands, no bottoming signal has emerged yet, so an extended C phase decline may occur, ultimately leading the low back to the original strong support level around 3050.

Currently, the focus is on the small support level at 3150. If it can hold, a bottoming signal may appear. If it breaks down, the next target is likely in the 3050-3030 range, so it is advisable not to enter long positions for now and continue waiting for the low to emerge.