$ETH Price fluctuations may trigger large-scale liquidations.

Currently, those shorting ETH still occupy a relatively dominant position. If the price rises to 3168, it will face a short liquidation of 1.4 billion; if the price drops to 2830, the long positions will be liquidated for 800 million USD.

Overall, it is still in a bearish trend, with the moving average system in a bearish arrangement, which cannot be digested in the short term by just a few positive fundamental news. The view that ETH will adjust to the golden ratio 618 line to stop the decline and stabilize in a large cycle remains unchanged. Right now, it is undergoing wide fluctuations and a corrective trend.

Recently, the probability of hitting a new low and breaking a new high is relatively low. The market will fluctuate above 2600 points and below 3200 points, accumulating strength to continue the upward attack amidst the decline. In terms of trading strategy, the focus is on high selling and low buying, as the one-sided trend market comes to a pause.