ETH experienced a typical high-level weakness trend on the 26th. During the day, it surged to around 2900 and then moved sideways at a high level, but by around 10 PM, the bulls clearly couldn't hold on, and the price quickly dropped, directly breaking through the 2900 integer level. Although there was some rebound afterward, it only returned to around 2930 for repeated oscillation, without any upward breakthrough.

From the Bollinger Bands perspective, the 1-hour chart shows a clear pattern. The upper band is at 2988, the middle band at 2941, and the lower band at 2894, forming a channel that is opening and contracting downward in a parallel shape. The key point is that last night's K-line failed to stay above the middle band and directly broke below the lower band, currently testing between the lower and middle bands. This signal indicates that short-term bears still have some strength.

The MA indicators also confirm this weakness. The 1-hour MA5 is at 2926, MA10 at 2923, and MA30 at 2941. Yesterday, MA5 and MA10 both broke below MA30, which is a clear bearish signal. However, around 6 AM, MA5 crossed above MA10 to form a golden cross, indicating a potential rebound has appeared, but how far it can rebound remains to be seen.

The MACD is below the zero line, and on the night of the 26th, it formed a death cross and started to decline, which is a typical bearish feature. The good news is that the bearish volume is gradually weakening, and the convergence of the fast and slow lines suggests that the downward momentum may be exhausted, and the rebound opportunity is gradually building.

The RSI showed oversold conditions around 1 AM, forming a golden cross upward at that time, but now it has turned into a death cross again. This repeated pattern indicates that the bulls and bears are still in confrontation, with no clear directional breakthrough.

Overall, the current market is in a typical low-level sideways consolidation phase. Looking back at the 26th, the bulls attempted twice to break above 3000 but failed, indicating significant resistance at that level. By the evening, the bulls' stamina was exhausted; although the price broke below 2900, it failed to do so effectively and tested around 2900 five times. This repeated testing is actually accumulating energy for a rebound.

The subsequent logic might be as follows: first, a small rebound occurs, then an attempt to break through 2900 again. If the breakout fails, the price may head straight to 2800. The resistance level is at 2960, and the support level is at the 2900 integer mark.

From a trading perspective, the current environment favors a high-short strategy. The price is oscillating within the 2900 to 2960 range, with the rebound strength seeming insufficient, likely unable to reach the upper boundary at 2960. The strategy could be to establish short positions around 2950, and if the price continues to rise toward 2980, add to the position in stages at ratios of 1:1, 1:2, or 1:3. Stop-loss should be placed above 3000 on a confirmed breakout, and if the price drops to around 2900 and the rebound fades, with a confirmed breakdown, take profit around 2800.