The large pancake is currently near 63,100. The intraday low touched 62,535. After the rebound, there still hasn’t been a valid breakout above 63,250. 62,500 is the most direct support/consolidation level today; only if it holds can there be a basis to further test 63,500 and 64,000. If price falls back below 62,500, then we need to watch 62,200 and 62,000. What truly changes the short-term structure isn’t just a single wick/tail, but rather establishing stability on a four-hour basis above 64,000. Weak consumption data hasn’t led to any clear breakout. Also, ETFs have continued to see outflows; therefore, this round of “repair” can only be treated as a breath/pause after the decline for now—it shouldn’t be taken as a trend reversal in advance.

As for Ethereum, it has returned to around 1,882. Around 1,864 there has been some support/absorption, but overhead from 1,888 to 1,900 still has sell pressure. As long as 1,900 is not effectively reclaimed, ETH hasn’t truly escaped weak consolidation. If it breaks down again below 1,865, then afterward we should watch 1,850 and then 1,820 in sequence. The latest ETF fund flow is zero—there’s neither new selling pressure nor institutional money actively stepping in to buy. Therefore today ETH still mainly follows the large pancake. Only after holding above 1,900 will there be a chance to test 1,920; if it can’t hold, then it will continue digesting positions between 1,850 and 1,900.