24 Hours of Shock: The 2600 Dollar Defense Line Faces Multiple Tests #CPI数据来袭

In the early hours of today, ETH staged a rapid reversal, with the price plummeting from a high of 2735 dollars to 2620 dollars. The 4-hour MACD confirmed a death cross, and the daily line formed a long upper shadow bearish candle. Currently, ETH is reported at 2638 dollars, with a total liquidation amount of 26 million dollars across the network, and the long-short ratio has dropped to 1:1.2, significantly worsening market sentiment.

Technical Triple Alarm

On-chain data shows that at 3 a.m., during ETH's price surge, a certain whale address sold 8000 ETH through Coinbase, directly breaking through the support range of 2680-2730 dollars. Bitfinex contract data indicates that there are 1200 ETH short positions accumulated above 2700 dollars, forming a short-term pressure zone.

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In terms of the MACD indicator, the double lines on the 4-hour level have crossed below the zero axis, and the RSI has quickly dropped from the overbought zone of 70 to 42. The daily level has formed a double top prototype, and if the key neckline of 2600 dollars is lost, it may trigger a larger-scale sell-off.

Derivatives Market Movements

Although the price is still fluctuating above 2600 dollars, the funding rate on Binance has dropped to -0.012%, and the open interest in OKX perpetual contracts decreased by 180 million dollars in a single day. This round of decline has triggered the forced liquidation of 85 million dollars in ETH long positions, with the 2600 dollar mark becoming a key psychological defense line for the bulls.

News Risk Accumulation

1. The U.S. SEC's review of ETH's securities attributes has entered a critical stage, which may affect the approval process for spot ETFs.

2. There are uncertainties in the Pectra upgrade timeline, as the core developer meeting did not reach a clear consensus.

3. An exchange's ETH staking certificates have shown an abnormal discount of 3%, raising short-term liquidity concerns.

The market is focused on tonight's CPI data; if inflation exceeds expectations, it may exacerbate volatility in the cryptocurrency market. Currently, the open interest for ETH contracts is concentrated in the 2600-2650 range, and the long-short competition has entered a heated stage.