This wave of adjustment is essentially short-term selling pressure, but from a medium-term perspective, the structural integrity has not been compromised. After Ethereum fell below its previous support, market focus shifted to the key support zone between 3020 and 3050—whether it can stabilize here will directly affect the short-term trend; if it continues to decline, the opening price around 2970 on the monthly chart will become a more critical defensive level. The logic is similar for Bitcoin: the support zone between 88000 and 88500 is currently the strongest support band. Once sentiment recovers and moves upward, there will be repeated attempts to test the resistance zone between 98000 and 100000.

However, on-chain data does not show signs of panic. The number of Ethereum stakers leaving has hit a recent low, while the queue waiting to stake has approached a two-year high—this indicates that truly patient funds are not selling off but are instead accelerating their locking and building positions. Overall, this is more of a process of clearing high-leverage positions and emotional fluctuations, rather than a trend reversal point.