Last night's market was like you taking a taxi to catch a flight, just as you were about to arrive, the driver took a detour — originally, the non-farm data was good, everyone thought it could soar, but ETH first blew up the shorts, then reversed to smash the longs, a double kill, with a liquidation amount of $348 million! This wave of main force operation is comparable to the 'textbook of cutting leeks'. The question arises: after last night's harvest, is ETH going to rest today, or prepare for the second wave of harvesting?

Market sentiment: bullish turned bearish, funds are playing psychological warfare

Yesterday's data was clearly bullish, but the market told you in the harshest way: the trend is not driven by fundamentals, but by human emotions and fund logic

Moving averages: Short-term moving averages are pressing down from above, indicating that the bulls are struggling, with resistance for rebounds around 4,360 - 4,400.

Trading volume: Last night's volume surged and then retreated, followed by a period of low volume oscillation, a typical sign of 'emotional retreat', indicating that there is no large capital support in the short term.

Key support: 4,280 - 4,250 area. If this is broken with high volume again, it could very likely lead to an accelerated decline.

Today's operational direction logic

Last night's fluctuations have already released part of the bullish and bearish energy, today is more likely to enter a period of consolidation.

Technical positioning: In the ETH 1-hour chart, the price is pressed below the middle Bollinger band, with moving averages capping it, limiting the rebound space; below, 4,250 is also a key support, and if it loses this level, it may trigger an accelerated drop.

So the logic is: the main focus is on the oscillation range, with trend breakthroughs as a supplement. First, watch if the strength continues to harvest, if the volume continues to shrink, it's highly probable to consolidate; if there is a sudden surge in volume during the US session, you need to follow the trend.

Quick in and out within the range, don't linger in battle;

Look to buy at 4,280, stop loss below 4,250;

Sell high at 4,360 - 4,400, if you encounter a volume surge and stagnation, decisively take profits;

Only consider following up on long positions if it breaks through the watershed level of 4,350 with stable volume, target 4,440 - 4,480.