ETH Trend Analysis 2026.01.21 After a weak rebound at the 3178 level, ETH plunged to 2911. Will it continue with a one-sided drop next? Or will it move downward in a choppy manner? I believe the pace of ETH's upcoming decline won't be as fast as the drop from 10.7 to 11.21. As shown in the chart, the red path represents the mainstream market view, which is a repeat of the previous scenario where ETH breaks below 2621 without looking back. However, this is not my preferred scenario. I lean more towards ETH completing the first wave of decline that started at 3402, followed by a wide-ranging consolidation phase that could last until early February. Then, in early February, it may accelerate its decline, finding the bottom of this wave of drop that started at 4956 around the Gann time window near 2.17. After that, it could see a rebound or a large-scale rally. At that point, ETH might rise to 3800 or even higher. If the market moves into consolidation as expected, the next half-month will be great for short-term swing trades—buy low, sell high, and keep playing within the range. If it follows the blue path, meaning a one-sided drop, just observe small-scale rebounds and short along the trend. The most important thing is to wait until mid-March. Once the decline shows signs of stopping, start accumulating positions in batches. If this happens, ETH is very likely to kick off a trend rally in the first half of 2026, rather than just a rebound.