The analysis of FETUSD, observed on a 1-hour chart over an extended period, indicates a prolonged corrective phase. The market reached the 78.6% Golden Ratio level around 0.194 cents on December 19th, having been in a bearish trend. A potential 1-2 setup to the upside has been identified, but its validation is contingent upon the clear formation of a five-wave impulse, specifically waves 3, 4, and 5. The micro support at 0.197 cents is critical for this bullish scenario, with a formal invalidation point at the December 18th swing low of 0.192 cents. The prevailing sentiment, however, remains cautious, as the market currently resembles a "falling knife." A more probable bearish scenario forecasts a continued C-wave decline, potentially structured as a five-wave movement, aiming for the 78.6% Fibonacci retracement level at 0.156 cents. An early indicator that a market low might be established would be a break above the last swing high at 0.211 cents. The immediate focus is on observing the market's response to these critical support and resistance levels, with the overarching trend continuing to be bearish.