Today, an on-chain monitoring detected a significant operation worth following: a certain whale address mortgaged 55,340 ETH (approximately 157 million USD at the current price), and after borrowing 50 million USDT from a lending protocol, it was directly transferred to a leading exchange.

This address has a precise operation record during market fluctuations. The timing is intriguing—ETH has just breached a key price level, and at this moment, large mortgage exchanges for stablecoins may indicate several situations: preparing to buy at a lower position, or preparing ammunition for shorting. The action of mortgaging ETH to borrow USDT itself, to some extent, also reflects a bearish stance.

From a technical perspective, the current price of ETH is 2837 USD, having broken below the short-term support level of 2859. The key level to watch below is 2757. From the indicators, MA7 has crossed below EMA30, and although MACD is still above the zero line, the momentum is clearly weakening. The resistance level around 2960 is likely to be difficult to break in the short term. The overall pattern is a bearish continuation structure, with the bears temporarily taking the initiative.

Based on the overall on-chain trends and technical movements, the support level at 2757 is likely to be tested. Such levels of capital movement are often not aimless, and it is advisable to closely observe the performance of this range in the subsequent price movements. The market still follows the old saying: the footsteps of large funds often conceal the next direction.