The second pancake short squeeze has blown up! The rebound is just a short star pattern. The 4-hour chart of the second pancake directly staged a "breakdown tragedy"—Ma5, Ma20, and Ma60 three key moving averages all collectively failed, with the moving average arrangement forming a "bearish suppression formation." The price seems to be trapped by invisible shackles, with every rebound being sharply pressed down by the moving averages. The technical outlook is heavily bearish! The indicators are even worse: after a high-level death cross on the MACD, it directly "plunged," with the fast and slow lines breaking below the zero axis, officially entering the "hunting zone" dominated by bears; the green momentum bars are soaring and expanding, and the downward momentum is still in full force. This short-term correction "pullback wave" clearly hasn't finished! #ETH走势分析