Recently, I've been watching the 4-hour chart of ETH and feeling a bit emotional. The trend line keeps pressing down, and every rebound feels like it’s being held down by an invisible hand—those Bullish line bodies are so narrow, and long positions clearly can't muster any strength.

The MACD has indeed crossed golden on the lower side of the zero axis, leading to a small rebound, but the problem is that it has never managed to climb above the zero axis. This is quite awkward, as the momentum is lacking and the follow-through is clearly insufficient. With the technicals laid out like this, it's highly likely that it will need to probe lower once again.

Let's talk about the trading strategy: within the range of 2850-2900, we can consider setting up short positions, with the first target around 2700. If it breaks below that, then 2600 will be the next stop. Non-farm data exceeded expectations, and the Federal Reserve's interest rate cut expectations have resurfaced, so we should also keep an eye on macro fluctuations.