ETH is oscillating within a short-term downtrend continuation structure. The internal converging triangle pattern was directly broken through by news impact, and the expected bull trap rebound did not materialize. Instead, it directly accelerated down to around 2030.

After several days of oscillating decline, ETH's lows have synchronized with BTC. The current 2030-2040 range represents short-term minor support. If it can hold briefly, there will likely be a technical retracement wave targeting around 2130, which is also the retracement high point of the 15-minute bullish wedge.

The overall trend remains in a clear downtrend channel, and the retracement is only a correction, not a reversal. After the rebound, shorting remains the main strategy. The ultimate target of this round of decline is around 1920. If this level breaks, the downside space will further open up.