The crypto market has never been a gentle negotiation process—either the bulls step on the gas pedal all the way or the bears slam the steering wheel. Today, on the 4-hour chart, ETH is a textbook example of the bears taking full control.

At the opening of the session, ETH's candlestick pattern directly shows a classic technical breakdown: the Bollinger middle band at 3200 just gave way, and the upward channel was shattered into pieces. After the MACD death cross, the green bars kept expanding, and the bearish momentum was like it had been injected with steroids. The RSI dropped to 22, and the KDJ was sitting at a super low level of 4—super oversold on the surface, but in the crypto environment, oversold does not mean bottom. Remember last year's LUNA crash, when BTC's RSI plummeted to 15—whoever bought the dip early got caught off guard.

The news side is equally cold and ruthless. A compliant platform just announced the suspension of ETH staking unlocks and quick withdrawal channels. This cut directly severed some bulls' liquidity expectations—funds that were originally planned to be withdrawn are now stuck, and the market's selling pressure suddenly piled up. Even worse, Nasdaq 100 futures in the US stock market fell 1.2% in the early session, and tonight the Federal Reserve will likely signal a rate hike expectation. Once the dollar strengthens, risk-averse funds in the crypto space start to run out, and major coins like ETH are the first to be hammered.

The bears now control the rhythm; don't be fooled by those talking about 'bottoming at the golden ratio.' The market has yet to give a clear sign of a bottom.