The cryptocurrency market has recently experienced a round of ups and downs, but this does not necessarily mean that a significant fall will occur; instead, it has entered a period of adjustment. Bitcoin (BTC) quickly retraced from a recent high of $123,600, showing a medium-term adjustment trend, but it has not yet broken below the key support level of $116,700. From a technical analysis perspective, BTC still maintains a fluctuating upward channel structure, and the overall trend remains bullish.

Ethereum (ETH) briefly fell below $4400 yesterday before quickly rebounding, indicating that the market still maintains a positive attitude. Currently, the technical pattern of ETH still shows bullish characteristics, but the overall market has entered a wide range of fluctuations.

It is worth noting that the current market environment may be nurturing opportunities for a new round of altcoin bull markets. In this situation, investors should not be too eager to exit, but instead maintain a strategy of patience and stable holdings. In the long term, this strategy could yield significant investment returns.

In the realm of altcoins, some projects within the Ethereum ecosystem may receive special attention, including but not limited to LDO, ENA, ETHFI, Eigen, and Pendle. These projects may perform well in future markets, but investors should still carefully assess the risks.

Overall, the current encryption currency market is at a critical turning point. While it may experience some fluctuations in the short term, the long-term trend is still worth paying attention to. Investors should closely monitor market movements while staying rational and patient to cope with various possible market scenarios.