Let’s review the logic behind this $ETH fall.

First, ETH has been rising for the past four months with almost no significant pullbacks. A rounded bottom has formed near the previous high of 4250 and has broken through, resulting in a large number of bulls concentrating around 4200, and the market needs to be cleared.
Second, after ETH surged to its historical high, a large amount of staking has begun to queue for withdrawal. At the current price, the cumulative scale of withdrawn funds has already exceeded ten billion dollars.
Third, there is a massive amount of trading off-exchange, and the absorption is not fast enough. Historically, every time a large off-exchange order comes in, even if it is digested by centralized exchanges, it often triggers a sharp fall.
Fourth, the ETH staking ETF has not yet been approved. Without this consensus driving force, it will be difficult to directly break through the historical high of 4880.
So, this time it is a typical false breakout: first, it deceives liquidity at historical highs, then sweeps down to the annual previous high range around 4030-4100, and then harvests another wave of liquidity.
From the perspective of magnitude, this fall is actually not deep, with a maximum single-day drop of only about 10%, which is quite common in ETH's history. However, the past month has attracted too many concentrated long positions, and the liquidations were particularly concentrated in a short period, with a 6% drop in 90 seconds, which made it seem particularly thrilling. #打榜优质内容