Last night, ETH experienced a textbook-level "downward sweep," with the price briefly dropping below the 2200 mark, reaching around 2150. This move precisely cleared the high-leverage long positions and stop-loss orders of large holders, completing a quick turnover of chips at the low. Subsequently, the market violently rebounded, returning above 2350 today.

Current Situation:

During the day, market volatility has converged, currently encountering short-term resistance at the 2350 level. The price is in the "second test of support" phase, with a focus on the defense strength in the 2300 - 2280 range.

Core Data Interpretation

• On-chain Trends: Monitoring shows that during yesterday's dip, some whale addresses not only remained active but also exhibited signs of passive buying. The net outflow of ETH on the exchange (Binance) has increased, indicating that chips are shifting from short-term speculators to long-term holders.

• Contract Indicators: After last night's liquidation, the overall funding rate has been corrected, significantly alleviating the pressure on long leverage. Current Open Interest is stabilizing, suggesting a new round of accumulation is underway.

Evening Operational Strategy

1. Support Confirmation: If the evening can hold the neckline position at 2280, the second test will be successful, and the confidence of long positions will be stronger.

2. Key Breakpoint: The upper resistance range of 2380 - 2400 needs to be closely monitored. If this area is broken with volume, the upward space will be fully opened.

3. Subsequent Targets: * First target: 2580

• Medium-term strong resistance: 2770

Summary:

"The chips on the tip of the needle are the most stable." Yesterday's dip seemed more like a deep squat for a jump. As long as 2300 is not lost, the rebound logic still holds.