$ETH The market is undergoing an invisible battle, appearing to be evenly matched between bulls and bears, but in reality, the market makers are smashing the chips against each other.

In the past 12 hours, among the top five large transactions, there were two sell orders of $910,000 that precisely hit the market, while previously there were two large buy orders of $2.21 million. This stark contrast exposes the tug-of-war of the main funds—some are eager to sell, while others are frantically accumulating.

This ebb and flow of capital is like a tug-of-war match, with one side withdrawing effort and the other increasing their stakes, indicating that the main funds have not yet reached a consensus.

From a technical perspective, the price has formed a "double top" pattern at a critical level, a pattern that also appeared before the crash in December 2024.

Worse yet, the MACD indicator has shown a bearish divergence, like a car's brake light suddenly turning on, signaling that upward momentum may be waning.