Giant whale sell-off, technical breakdown, a storm of plummeting prices at $ETH ! How to respond?

Reasons for the plummet: Regulation: SEC delays the vote on ETH spot ETF to September, raising doubts about its security attributes, leading to institutional capital withdrawal.

Macro: Strong hawkish expectations from the Federal Reserve; if tonight's core PCE exceeds expectations, interest rate hike expectations will suppress risk assets; the dollar index reaches a yearly high, pulling funds out of the crypto market.

On-chain: Giants sold off 700 WBTC on the 3rd to take profits, increasing selling pressure from miners.

Technical: The key support at 3700 has been breached, triggering stop-loss orders, with RSI falling and insufficient upward momentum.

Sentiment: ETH's decline this year far exceeds that of competitors, with capital outflow; Ark Invest reducing holdings and hedge funds reaching record high short positions.

Operational advice: Wait for a pullback to around 3600 to go long, targeting around 3700! If it breaks 3770, consider going short!

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