Recently, the Federal Reserve maintained high interest rates, institutional funds continued to flow out (spot ETF net outflows for five weeks), and tariffs triggered risk-averse capital to exit, leading to a bearish trend. Currently, the market continues to decline, and Ethereum confirmed yesterday that it broke below the 3000 level. Looking at the four-hour chart, recent trading volume has decreased while bears have increased, with the KDJ indicator showing a death cross and expanding downward, and the MACD histogram is negative, indicating that bearish momentum still dominates. The histogram also shows signs of continuing to expand. From the current trend, the 2788 level will definitely not be a short-term bottom support. It is highly likely that the market will continue to decline and retest the lows today.