After the evening market fell below the key support level of 118000, it accelerated down to 116900. Although there was a short-term rebound to around 117400, the overall structure has shown a significant weakening trend. On the 4-hour level, there has been a continuous series of downward movements breaking the support of the MA20 moving average, and the MACD fast and slow lines have crossed each other at a high level, falling below the zero axis, indicating that short positions are gradually strengthening. Currently, the rebound volume is weak, and the 117800-118200 area has turned into a short-term resistance zone. If the pullback cannot hold above this range, it is highly likely to continue the downward trend.

Observing from a smaller timeframe, the 1-hour moving average system shows a short positions arrangement. The RSI rebounded to around 40 but is facing pressure again, while the KDJ indicator, after a recovery, remains in a downward channel. Although the low point of 116900 has temporarily found support, if it breaks down again, it may open up a retracement space to the 115500-116000 area.
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It is recommended to gradually set short positions as the price rebounds to the range of 117800-118200, with a target looking down at 116500-116000 and a stop loss above 118500. For Ethereum, gradually short as it rebounds to the range of 3760-3780, with a target looking down at 3680 and a stop loss at 3800.