After Ethereum (ETH) touched $2600 during the night on May 11, 2023, it fell back: According to reports from Phoenix Finance and CoinWorld, ETH briefly surpassed $2600 (with a peak at $2619.94 USDT) in the early hours of May 11 but quickly retreated to $2581 under pressure from large whale sell-offs, with a 24-hour volatility of 4.8%. On-chain data shows that an anonymous address sold 12,000 ETH (valued at $31.2 million) at the moment of the breakout, triggering liquidations of over $47 million in long positions in the derivatives market. The current ETH price is $2525, and the technical analysis shows a 'false breakout' pattern, requiring close attention to the 2550-2600 dollar range for long and short trading. Matrixport warns that if the weekly price cannot hold above $2600, it may test the support level of $2350.