After the intense long and short squeeze last night, market sentiment has become cautious, and the technical structure shows clear bearish characteristics. Although Ethereum's price rebounded from the low of 2780 in the early morning, it is currently only back to around 2825, with the rebound less than one-third of the decline wave, indicating extremely weak bullish momentum. This is a typical weak technical rebound.

From a key level perspective, the high of 3030 in the early morning has become an important resistance, and the current price has already moved far away from that level. Closer resistance is in the 2850-2880 range (the first rebound high after the early morning decline and a potential area of concentrated positions). If the rebound encounters resistance in this area and shows signs of stagnation, the price is very likely to test the 2780 support again. Once this level is broken, the downward space will further open. Overall, the market remains in a bearish dominant downtrend channel. The current small rebound has not changed the overall structure and instead provides an opportunity for bears to re-enter or add positions. Before the price effectively stabilizes above 2880 or higher, any rebound should be viewed as a brief respite after selling pressure is released. It is recommended to adopt a strategy of shorting on rallies.

Ethereum idea: Short in the 2850-2880 range, target 2780
Bitcoin idea: Short in the 86500-87000 range, target 85500