#加密市场回调 Last night, the market experienced a brief sharp decline, while at the same time, the contract market saw a large number of liquidations. Although this drop is not the largest retracement since the launch of Ethereum, the liquidation amount is indeed the largest this time, making it necessary to analyze it carefully. From a price perspective, Ethereum's maximum drop was 7%, with a lowest point of $4450, indicating that high-leverage longs were directly taken out. In fact, according to Surf's contract liquidation data, the total liquidation amount in the past 24 hours was approximately $1 billion, with longs accounting for 80%. Furthermore, a third of the liquidation volume concentrated in the $4461-$4551 range of Ethereum. In a sense, this is a strong counterattack from the bears, as well as a desperate battle for the bulls, because the resistance zone of $4800-$5000 is crucial. Breaking through it would open up new space, while failure would lead to a consolidation predicament, and even the loss of new highs in the bull market.