On May 11, 2023, ETH briefly broke through $2600 (peaking at $2619.94 USDT) during the night of #ETH突破2500 but quickly fell back to $2581 due to selling pressure from large whales, resulting in a 24-hour volatility of 4.8%. On-chain data shows that an anonymous address sold 12,000 ETH (worth $31.2 million) at the moment of the breakout, triggering over $47 million in long positions liquidations in the derivatives market. Currently, the ETH quote is $2525, and the technical picture shows a 'false breakout' pattern, with a focus on the bullish and bearish battle in the $2550-$2600 range. Matrixport warns that if the weekly price cannot stabilize above $2600, it may retest the support level of $2350.