Watching the market all night, Ethereum's hourly movement is starting to reveal its true nature.

**The technical signals are very clear**: Bollinger Bands are continuously expanding downward, and the price is repeatedly rubbing against the lower band—this is a typical sign of weakness. The MACD bearish histogram is still gaining momentum, and every rebound seems somewhat weak. Essentially, the bulls are just testing the waters, not signaling a genuine reversal. Before the key support level is confirmed with increased volume, it's too early to talk about a reversal.

**What do on-chain data say?** Active addresses are clearly declining, and retail investors are mostly in a wait-and-see mode. More importantly, the selling pressure data shows that large funds are still gradually exiting. These indicators don't lie—the footprints are always on the chain.

**Market sentiment** also needs to be considered. Regulatory threats are always looming, and market confidence is like walking a tightrope—one misstep could lead to a deep fall. But at this moment, calmness is crucial. The more panicked we are, the more we need to rely on charts and data to guide us.

My simple advice: **Hold your fire, keep your bullets for later**. When the structure truly stabilizes, I will call on you in the community to enter the market together. Risk control always comes before profits—that's the only rule I've survived by in this market over the years.