Family, this afternoon Yang will discuss the ETH market! The key support level is currently seen at $3529, which is an important line of defense recently. If it falls below this, it may test $3488 or even $3440. The resistance level above is in the range of $3648 - $3652, and breaking through won't be easy.

Looking at the liquidation heatmap, there is surprisingly $862 million in long liquidation orders lurking below $3440. This is like a ticking time bomb; if the price really breaks below $3440, it could trigger a rapid decline, and the market might panic.

From the market sentiment perspective, according to Glassnode data, this round of decline is mainly caused by spot selling pressure, not due to leveraged liquidations. There are currently no signs of a leveraged meltdown, but don’t let your guard down. Additionally, the contract open interest has decreased by 5.98% over the past 24 hours, indicating that capital is clearly flowing out of the derivatives market.

In terms of operations, Yang suggests considering shorting around $3520 - $3550, with the initial target set towards $3490 - $3460. According to the current trend, it may even continue to decline to $3400. However, in investments, risks are always present, so everyone must be cautious and vigilant! #ETH