No net land below the waterfall, all familiar faces in the liquidation rankings — after data correction, the truth is even more glaring!

News front: A bloody hour exposes the bulls' fantasies.

Latest data explosion at 16:05 today: Nearly $10.37 million liquidated across the network in the last hour, with long positions accounting for $7.03 million, and ETH alone contributing $3.29 million (31.8%).

Core Contradiction Point: Current price struggles at $3657, a 3.5% drop in 24 hours isn't severe, but the concentration of long positions liquidating in 1 hour exposes a fatal problem: Large number of retail investors blindly bottom-fishing at support levels!

The behind-the-scenes push: This morning, the German government transferred 1300 BTC to exchanges (worth over $130 million), causing panic, while Grayscale simultaneously reduced holdings by 14,000 ETH, transmitting selling pressure to the Ethereum contract market, allowing bears to launch a 'lightning war'.

Technical Perspective: Three lines draw a blood path map.

Combining 1-Hour K-Line, Tycoon Highlights:

The 'Death Triangle' Revealed:

The purple 38.2% Fibonacci level ($3692) is pressing down like a steel top, hitting three times this morning without breaking, forming a bear defense line;

The yellow 23.6% support level ($3630) has been pierced twice, with each rebound height decreasing, indicating bullish ammunition is running low;

MA30 moving average (gray line) crossing below MA7 forming a 'Death Cross', with short cycles turning fully bearish.

MACD hides a deadly trap:
Green momentum bars below the zero axis continue to expand, yet no new price lows are seen — a typical 'downward continuation' trap! Tycoon experience: This kind of pattern often lures in the bulls, and only after the last batch of leverage is liquidated will the real crash occur.

Short-term strangulation hasn't ended:

Current 3600 has broken the key psychological barrier, the 3500-3550 area is the last stronghold for bulls (on-chain data shows $210 million in options positions in this range).

The 'Bottom Divergence' prototype of MACD is beginning to show (new price lows while green bars shorten), but a volume confirmation of a bullish candle is needed to validate the rebound.

Change Market Trigger Lock:

The truth about ETF fund flows: Bloomberg data shows current net inflows of only $320 million (Bitcoin ETF's first week was $2.5 billion), if it doesn't reach $500 million within the week, it will severely undermine market confidence.

Movement of the German government's remaining BTC holdings (currently holding 46,000 BTC)

Bull corpses pile up like steps; the bear feast will eventually come to an end — when the liquidation ratio exceeds 15:1 (long:short), it often signals that a rebound is near. The ETH ecosystem Cancun upgrade testnet landed in August, which could be the trump card for a comeback!!!

Want to delve deep into crypto but can't find direction? Want to quickly get started and master the information gap? Click on my profile to follow me! Real-time sharing of first-hand information and in-depth analysis, precise buy/sell point indications, and grasp the dynamics of the crypto world at the first moment! #ETH #ETH走势分析