ETH performed aggressively yesterday morning, rising straight from 2930 to 3056. The heat from the upgrade combined with weekend fund inflows suggests that the bulls are about to launch a counterattack. Unfortunately, the good times didn't last long—before the US stock market opened in the afternoon, the price plummeted in a waterfall decline, dropping directly to 2908. It is now stuck around 2945, oscillating repeatedly, with trading volume significantly shrinking.

Why is this happening? The reason is quite straightforward. First, US tech stocks are still in a continued correction. As the NASDAQ faces pressure, the crypto market is also being dragged down. Second, liquidity has not fully recovered after the holiday, making this thin market most vulnerable to large traders' big moves.

From a technical perspective, the rebound to the 3050-3100 resistance zone was immediately suppressed and pulled back. Although the bottom line at 2870-2890 is still holding, the bullish momentum has clearly weakened.

Currently, the 2945 level is a typical dead zone, with the direction uncertain. In the short term, don't be too optimistic. The subsequent effects of Japan's rate hike are still unfolding, and US stocks are expected to continue oscillating this week. ETH's weak and choppy situation may persist. Those looking to chase a rebound or reversal should be cautious now. The trend should be about to emerge.