Ethereum $ETH has shifted from 'rebound ➡️ strong rebound ➡️ betting on reversal' to 'EMA moving average turning down ➡️ respecting overbought signals ➡️ lower highs and lows forming' in a downtrend. In this state, any judgments based on mid-term holding, buying the dip, or the validity of moving average support no longer hold. There are only two viable strategies moving forward: 1. For contracts: short when it rebounds to structural resistance + overbought signals. 2. For spot: stay completely on the sidelines, wait for a new structure to emerge, and only discuss trends after EMA reconverges and flattens.