The ETH trend is completely following the script, blowing up the shorts and then crashing! The price surged to 2548 and then turned to drop; now the position at 2493 is quite delicate. I'm telling you, the market liquidity is really tight right now, and you can guess the general direction by watching where the funds go. That wave in the early hours is a typical case, first clearing out the shorts at 2535, then surging to around 2550, peaking at 2548 before turning down—this tactic is skillfully executed!

Right now, this market is a paradise for swing traders. Since the 6th, the number of people getting liquidated has been decreasing, and the market feels like a stagnant pool. ETH is currently fluctuating within a range, but I still believe it needs to drop further, at least to see 2400 for it to be interesting. The short-term support at 2478 will definitely see repeated tug-of-war, but don't be fooled by false moves; it’s highly likely that it will ultimately stab down to 2400!