#ETH巨鲸扩大持仓 Is there a reversal opportunity hidden behind the sharp fall in the Ethereum 1-hour chart?

Just now, $ETH performed a rapid plunge on the 1-hour line - dropping straight from 2986 dollars to below 2950 dollars, currently stabilizing at the middle band position of 2921 dollars on the Bollinger Bands. It looks frightening on the surface, but a careful breakdown of the technical aspects and on-chain dynamics suggests that this pullback may be a carefully orchestrated washout by institutions.

Let's first look at some technical details. After five consecutive bearish candles, the trading volume has shrunk to recent lows—this combination of price fall and volume contraction is usually not panic selling, but rather a sign of controlled chips. In the MACD indicator, the DIF value is -27.95 and the DEA value is -30.58, which are close to converging. The green bars are clearly shrinking, indicating a clear signal of weakening momentum. The key point is that the price is precisely resting on the middle band of the Bollinger Bands at 2921, which serves as short-term support and seems like a deliberately set "chip collection area."

On-chain data is more intriguing. The latest monitoring shows that the reserves of Ethereum in centralized exchanges have decreased by over 1 million coins in 24 hours, with BitMine's daily purchasing amount reaching as high as 72.52 million dollars. Even more exaggerated is that the buying strength of whales holding over 10,000 coins in the range of 2800-2950 dollars has tripled compared to last week. Retail investors see a "fall," but smart money is quietly picking up chips.

There are also new catalysts on the fundamentals. The Ethereum Foundation has just confirmed that the testnet for the EIL interoperability layer is up and running. This technology can integrate various Layer 2s into a unified experience, eliminating the need for third-party bridges or frequent switching of Gas tokens for cross-chain transactions. Although the news has just started to spread within the community, funds have already begun to infiltrate the Ethereum ecosystem in advance. Additionally, the total amount of ETH staked has reached a historic high of 35.67 million coins, and long-term holders have not been shaken at all. The short-term sell-off seems more like a test of retail investors' resolve.

In the short term, the $2920 support line is likely to hold. If a rebound occurs within the next hour, the primary resistance is at $2950, and if broken, it could directly test $2980. Of course, the market is always full of uncertainties, but from a multi-dimensional data cross-validation perspective, the cost-effectiveness of this pullback is indeed not low. Those who act quickly might be able to benefit from this recovery trend.