Morning ETH precise pin 2631 then entered a narrow range of fluctuations. The market is currently at a critical point of long and short position reversal, downward attention should be paid to the "life and death line" of large holders' leverage, while upward focus should be on the recovery strength of 2700.

1. Space calculation and support defense line:

• Core support: short-term view at 2660, deep support attention on the 2610 - 2600 range.

• Risk warning: a large number of strong clearing prices from large holders are concentrated around 2610. If the price approaches this area, liquidity risks should be monitored; however, in my view, there is strong rebound momentum around 2600.

• Downward extreme point: if the 2500 level is lost, the lower space will directly open up to around 2100.

2. Short-term speculation path:

• Bullish confirmation: if the 1-hour line can close above 2680, it can be seen as a short-term stabilization signal.

• Counterattack target: if it can stabilize at 2700 at 20:00 tonight, then this round of adjustment will end temporarily, looking high to the pressure range of 2780 - 2880 tomorrow.

• Bearish expectation: if it encounters resistance at 2700 - 2730, then it is necessary to guard against a second downward probe to find a new bottom at 2550 - 2500.