Yesterday afternoon's BTC analysis was quite successful. The short position at 89400 was precisely timed, securing a profit of $2800 from the recent low of 86600. It is now 10:40 AM Beijing time. Let's turn our attention to ETH and examine the current technical trend of this mainstream coin.

From the four-hour chart, the Bollinger Bands have contracted into a parallel state, with the price oscillating within a very narrow range. The recent high and low just touched the upper and lower bands respectively. Currently, the short-term moving averages have already formed a death cross and are trending downward. The key point is that multiple attempts to hold above the 5-day moving average have failed to break through, indicating selling pressure remains. If the subsequent rebound cannot effectively stabilize above the short-term moving averages, it suggests the market will weaken again. The immediate resistance above is around 2960; whether it can be broken effectively remains to be seen.

Looking at the one-hour chart, the Bollinger Bands are similarly contracted and parallel, with the price staying below the middle band for a long time. In this situation, if the price cannot effectively break above the middle band during an upward move, a pullback is highly probable. Notably, the short-term moving averages are now overlapping and crossing, entering a parallel trend. Overall, the one-hour chart is in a very narrow range of oscillation, with the zone locked between 2915 and 2935.

The daily chart trend requires close attention. The short-term moving averages have formed a clear death cross, with resistance around 3030. More importantly, the daily chart has formed a head and shoulders pattern, which typically indicates further downside potential in technical analysis. The overall trend on the larger cycle remains bearish.

Regarding the MACD indicator, the four-hour chart has already formed a death cross below the zero line and is in a parallel state, indicating increasing bearish momentum. The MACD lines on the one-hour chart are also below zero, but the bearish momentum has weakened. The RSI is currently in a normal trading range, around 31.

In summary, the current market shows characteristics of sideways consolidation. Since the US stock market is closed, the price is stuck within a very narrow range, repeatedly oscillating. Such levels are not ideal for aggressive trading; the best opportunities may come during the Sunday night and Monday US stock market opening hours.

For specific trading strategies, the high-level idea is to open a short position around 2970, then add to the position near 3060, with a stop loss at 3180 if the price breaks above. The low-level idea is to open a long position around 2810, consider adding at 2720, and set a stop loss below 2620.