ETH-4H From 16:00 on January 28 to 00:00 on February 8, this extremely intense price action. This market movement is a typical "evolving from a selling climax to bottom consolidation" process.

📉 1. Crash Phase: Spike & Sell Climax (1.28 - 2.01)
Starting Point: The market begins with consolidation around 3100. Note the left side of the chart, where a full-bodied red candlestick appears and triggers a tB, followed shortly by a CX. This marks the beginning of the Spike (eruption) phase.

Accelerated Decline: As the price moves away from the 20 EMA, bearish momentum enters a frenzy. A CX is triggered again near 2800. Consecutive CX signals indicate the market is in a "selling climax," and although the momentum is strong, the risk-reward ratio no longer favors short positions.

🔄 2. Attempted Rebound and Bottom Consolidation (2.02 - 2.05)
Dense Small K-line Area: After falling to around 2400, a sideways consolidation composed of doji stars appears. This indicates only a consolidation, not a reversal.

Resistance Force: The 20 EMA (gray line) remains sloping downward throughout, and each rebound to the EMA is quickly suppressed.

😱 3. Final Panic and Secondary Drop (2.05 - 2.07) Second Acceleration: Between February 5 and 6, the market volume increases again, and a very long red candle appears.

Key Point: The price precisely breaks through the 2000 level, reaching a low of 1740. The indicator again shows a CX. Bottom Signal: Around February 7, a small green tB appears at the bottom, indicating that the bulls have finally organized an effective counterattack near 1740 (which is also the bottom support of the weekly channel).