ETH is currently oscillating within a short-term downtrend continuation pattern. The internal converging triangle formation was directly broken by news impacts, and the originally expected bull trap rebound did not occur. Instead, it accelerated downward toward around 2030.

After several days of continuous oscillation and decline, ETH's lows have synchronized with BTC. The 2030-2040 range now serves as short-term minor support. If this support can be maintained briefly, a technical rebound is likely, with the rebound target around 2130, which also represents the high point of the 15-minute bullish wedge pattern.

The overall trend remains within a clear downward channel, with rebounds serving only as corrections rather than reversals. After the rebound, the primary bias remains towards shorting. The ultimate target for this decline is around 1920. If this level is broken, further downside space will open up.