The current market trend exhibits typical range-bound characteristics. From the hourly chart, prices frequently fluctuate within a certain range, creating a kind of range-bound state. Although there are slight signs of upward movement in the market lows, the key resistance level has not been effectively broken, indicating that it is difficult to form a sustained one-sided market in the short term.

In this balanced state, the credibility of the breakout signal will become a key factor in breaking the current pattern. If the price can effectively break through and hold above the high resistance level, it may open up further upward space. Conversely, if the low support level is broken, the likelihood of a continuation of the downward trend will significantly increase.

In this market environment, trading strategies can consider operating by shorting at high levels and going long at low levels. Specifically, for Bitcoin, one can focus on shorting opportunities around the rebound near $119,000-$118,500, with a target set at around $117,000. For Ethereum, one can consider shorting at rebound positions around $3,630-$3,600, with a target looking towards around $3,520.

It is worth noting that in the current range-bound market, risk management is particularly important. Investors should strictly set stop-loss orders and closely monitor market breakout signals in order to timely adjust their strategies. At the same time, they should also be wary of potential false breakouts and ensure that there are sufficient confirmation signals before making trading decisions.

Overall, the current market is still in a phase that requires patience. It would be wise to maintain a cautious and flexible trading attitude before a clear trend is established.