# 缠论实战

ETH/USDT Multi-Timeframe Chan Theory Structure Review | 4.2 Market Analysis
1. Core Conclusion
The major bullish trend has temporarily ended, and we are now clearly in a downtrend. All rebounds are just pullbacks within the downtrend, with no buy signals. It is only suitable to stay on the sidelines and observe.
2. Deep Breakdown of Multi-Timeframe Structures (Chan Theory Perspective)
1. 4-Hour Level (Major Trend Direction)
Structural Qualitative: The large upward trend starting from the 1906.63 low completed a divergence at the 2385.78 high, then entered a major downtrend. The blue central zo