Last night's market was like you taking a taxi to catch a flight; just as you were about to arrive, the driver took a detour—originally, the non-farm data was good, and everyone thought it would fly, but ETH first squeezed the shorts, then turned around and hammered the longs, resulting in a double kill, with a liquidation amount of $348 million! This wave of main force operations is comparable to a 'textbook on harvesting leeks.' The question is: after last night's harvest, is ETH going to rest and recuperate today, or prepare for the second wave of harvesting?

Market sentiment: bullish turns bearish, capital is playing a psychological game.

Yesterday's data was clearly bullish, but the market told you in the harshest way: the trend is not driven by fundamentals, but by sentiment and capital logic.

ETF funds have been continuously flowing out these days, indicating that large capital is not participating, and the rebound lacks momentum.

The entire network is experiencing long and short liquidations; everyone's mentality has been shattered. Today's market theme is cautious observation, and the rebound seems more like an opportunity to reduce positions.

This is a typical case: news stimulus → emotional overreaction → main force harvesting chips.

How to look at the technical side:

I looked at the 1-hour chart of ETH; the current price is around $4,300, and the pattern is very crucial.

Bollinger Bands: The price is hovering below the middle track, direction unclear, leaning more towards fluctuations.

Moving Averages: Short-term moving averages are pressing down, indicating the bulls cannot lift the price, with resistance in the range of 4,360–4,400.

Trading volume: last night surged and then fell back, followed by a period of low volume fluctuations, a typical 'emotional retreat', indicating that there is no big capital to support in the short term.

Key support: 4,280–4,250 area. If broken with volume, it may accelerate downwards.

Today's operational direction logic

Last night's fluctuations have released part of the long and short energy, and today is more likely to enter a phase of digestion.

Technical positioning: In the 1-hour chart of ETH, the price is pressed below the Bollinger middle track, with moving averages above suppressing it, limiting the rebound space; below, 4,250 is also a key support, and if it is lost, it may trigger an accelerated decline.

So the logic is: focus on the fluctuation range, with trend breakthroughs as a supplement. First, see if the main force wants to continue harvesting; if the volume continues to shrink, it is likely to consolidate; if the US market suddenly surges, then follow the trend.

Old Zhu's short-term operation ideas (here comes the valuable content)

Watershed: 4,330–4,350 (Bollinger middle track & 20MA), a battleground for bulls and bears.

Upper pressure: 4,360–4,400; if there is no volume breakthrough, the rebound is just an opportunity.

Lower support: 4,280 first defense, 4,250 main defense; once it breaks below 4,250 with volume, the market is likely to head straight to 4,220–4,180.

Operation suggestion:

Quick in and out within the range; don't get attached to battles;

Look to buy low at 4,280, stop loss below 4,250;

Look to sell high at 4,360–4,400; if you encounter heavy volume and stagnation, decisively take profits;

Only consider following long positions once the watershed of 4,350 is broken and stabilized with volume, target 4,440–4,480.

Survival skills:

Don't go all in; this kind of market is most likely to have two consecutive explosions.

Setting stop losses is more important than setting targets; today is a 'life-saving day', not a 'doubling day'.

Old Zhu's viewpoint

Last night's non-farm data tells us a truth: the biggest benefit in the crypto world is harvesting, and the biggest drawback is also harvesting.

Today's fluctuations of ETH around 4,300 feel more like a psychological battle; the main force is not focused on news but on your emotions. My view is simple:

👉 Hold 4,250 to play within the range comfortably; if it breaks, don't hesitate, retreat first and then discuss.

The market is like a roller coaster; retail investors should not chase speed, but focus on survival. If you can survive, the next wave of the market will belong to you.

There are no permanent benefits or drawbacks in the crypto world, only the rhythm of the main force's harvesting. If you want to keep up with the rhythm and avoid traps, remember to follow; I will tell you every day in the simplest way how the market really works!#加密市场回调 #ETH走势分析