ETH is oscillating within a short-term decline continuation structure, with the internal converging triangle pattern directly breaking through due to news impact. The originally expected bull trap rebound did not materialize, instead accelerating downward to around 2030.

After several days of continuous oscillation and decline, ETH's low point has aligned with BTC, and the current 2030-2040 range represents short-term minor support. If it can hold briefly, a wave of technical retracement is likely to occur, with retracement targets pointing to around 2130, which is also the retracement high of the 15-minute bullish wedge.

The overall trend remains in a clear downtrend channel, with retracement only being a correction, not a reversal. After the rebound, selling on rallies remains the main strategy. The extreme target for this round of decline is around 1920, and if broken, the downside space will open further.