Against the backdrop of better-than-expected US non-farm payroll data, the trend of mainstream cryptocurrencies is indeed worth paying attention to. From the 4-hour chart of Ethereum, the current market is in a clear downward channel, and Bitcoin's recent correction has completed three waves, with the overall momentum still downward.

Looking back at the previous two waves of upward movement, the rebound was quite decent, but this round, from the perspective of the big players, seems less enthusiastic. Market participation has decreased, and the strength of the rally has also weakened accordingly. However, on the other hand, it would be great if a decent rebound could occur later—at least giving retail investors a chance to exit. Based on the current position, if the price can reach 3200, it should be a good point to reduce holdings. The key will still depend on the data reactions in the next few days.