Today, ETH suddenly plunged, with the price dropping to $4228, and the market was instantly enveloped by panic. On the surface, the 'old president's public statement' and the 'upcoming ETH unlocking' were bombarding the market, prompting retail investors to sell in panic; however, a deeper analysis reveals that this drop is more like the main force using news to shake out positions, and the short-term disturbances actually hide a window for accumulation.

Double triggers for the crash: 'false negatives' magnified by emotion.

The immediate trigger for this sharp drop has two factors: first, the old president's recent public statements about the crypto industry were labeled 'negative' by the market, leading to emotional selling; second, the news about the 'expansion of ETH unlocking scale' spread intensively, causing many investors to worry about giant whales selling off after unlocking and to stop their losses in advance. With these dual factors combined, ETH fell more than 4% in a short time, from around $4450 to $4228.

However, upon closer examination, these two 'negatives' were actually anticipated and do not constitute an unexpected risk:

The old president's statements focus on topics like cryptocurrency asset classification and exchange compliance, which are long-discussed regulatory directions in the industry and are not new. Institutions had already digested these expectations in advance, even reflecting them in price trends. The so-called 'negative impact' seems more like a short-term emotional magnification due to celebrity effect, rather than substantive policy risks.

As for ETH unlocking, on-chain data has already provided clear signals: the upcoming unlocking scale of ETH is about 23,000 coins, accounting for only 0.03% of the current circulation, far from the level that could 'crash the market'. Looking back at history, there has been similar panic before each unlocking, but after the actual unlocking, most whales tend to continue staking rather than selling—this time, the 'selling pressure panic' created by media hype is more for the retail investors lacking data support.

Support level stabilizes: panic selling has exhausted, and bulls begin to accumulate.

More importantly, this drop did not break the core support level: $4228 is exactly the mid-level support on the 4-hour chart for ETH, and it is also a 'stabilization point' from previous pullbacks. Observing the volume, although there was concentrated selling during the drop, after it reached $4228, buying began to actively enter, and the price quickly rebounded to around $4310—this indicates that the short-term panic selling has mostly cleared, and bulls are starting to position at the key support level.

For ordinary investors, there is no need to be swayed by emotions; the focus should be on monitoring the support range:

If the pullback can hold the $4200-$4300 range, it is an opportunity for gradual accumulation. After all, the long-term logic of ETH has not changed: the core driving forces such as institutional ETF continuous accumulation and accelerated ecosystem expansion remain intact. The comments from the old president and the news about unlocking staking are just short-term emotional disturbances, and after the pullback, one can acquire chips at a lower price than before.

Even if the price further declines, there is stronger support near $4200 from the daily MA30 moving average. As long as this position is not broken, the overall upward trend of ETH is not damaged, and there is no need to be thrown off by short-term fluctuations.

After the shakeout: the upward oscillation rhythm remains unchanged.

The crypto space has always been good at 'using news to shake out positions', especially when ETH is not far from its previous high ($4730). The main force needs to use 'false negatives' to clean up weak hands before easily breaking through resistance levels. This sharp drop seems risky, but in fact, it is a process of the market sifting through positions—when panic subsides, ETH is likely to return to the main line of oscillation and upward movement.

For investors who understand the logic, the current pullback is not a risk but an opportunity. By identifying support levels and ignoring short-term emotional disturbances, one can seize their own window amidst the fluctuations.

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