The Bank of Japan's rate cut expectations continue to ferment, and market sentiment is notably volatile. Mainstream cryptocurrencies like $ZEC, $SHIB, and $ETH have recently come under pressure, especially Ethereum, which has experienced a significant decline—how much further can it fall?

From a technical perspective, ETH's support levels are being broken one by one, making it difficult to identify a clear bottom in the short term. Liquidity tightening during the rate hike cycle remains a suppressing factor, and if Japan actually initiates a rate cut, it could further stimulate the re-pricing of risk assets.

Many large investors are quietly adjusting their positions during this period, and the market focus is shifting—will policy changes lead to bottom-fishing, or is there still room on the technical side? Who is bottom-fishing and who is cutting losses in this wave of adjustment? The key to the subsequent trend lies here.