The current overall strategy still leans towards shorting at high positions. Although there is a demand for a rebound in the market, more attention needs to be paid to the capital momentum during the rebound process. From the recent market performance, each rebound has lacked sustainability, often lasting only 1 to 2 hours before encountering significant pressure, and then entering a phase of fluctuation or retreat. Therefore, without a volume breakout past the key resistance level, one should remain cautious and not hold overly high expectations for the rebound.

However, there has been a very noteworthy change recently—the exchange rate relationship between Bitcoin and Ethereum is undergoing a transformation. Since April, yesterday marked the first significant rise of more than 3% for Ethereum relative to Bitcoin, indicating that capital is beginning to shift from purely defensive positions towards assets with higher elasticity.

From the market performance, since yesterday, Ethereum has been significantly stronger than Bitcoin. This change in strength typically indicates that the market style is adjusting. Previously, due to the continuous weakening of the exchange rate, Ethereum had long been suppressed, but now, with the start of exchange rate recovery, there is a certain demand for corrective gains in Ethereum, with part of the upward space coming from the previously long-accumulated exchange rate difference.

Therefore, the upcoming market conditions cannot simply be viewed using the same logic for Bitcoin and Ethereum. Bitcoin is still largely constrained by overhead pressure and cautious market sentiment, while Ethereum is expected to demonstrate stronger elasticity during the exchange rate recovery process.

Overall, the market's major direction has not completely shaken off the weak structure, but short-term capital preferences have shown subtle changes. Moving forward, it will be essential to observe whether Ethereum can continue to outperform Bitcoin, as this will become an important signal for judging the shift in capital style.
Trading suggestion: Short near 72400, stop loss at 72900.
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This article is originally published by 【Huiying Community】 and solely represents personal views. Due to a certain delay in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate with caution.
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