#特朗普撤销农业产品关税 Ethereum's current trend is fraught with danger, and key price levels are being contested.

The liquidation heatmap shows that the $2850-$2900 range has accumulated as much as $66.16 million in long liquidations, making this yellow high-temperature zone a hunting ground for institutional funds. Any rebound that touches this area will trigger a chain liquidation, forming a natural short pressure zone. In contrast, the liquidation volume in the $2700-$2750 range is sparse, indicating a lack of effective support in this position. Once the price breaks below $2780, the strong support at $2650 will face a severe test.

The technical indicators have turned completely bearish. The four-hour chart shows a triple top divergence structure, and after the MACD indicator has completed its death cross, the downward momentum continues to strengthen; although the RSI indicator has entered a severely oversold area, there is no bottom divergence repair signal, indicating a明显不足 of rebound drive. The Bollinger Bands are in a downward opening posture, and the price is running close to the lower track, exhibiting typical characteristics of a one-sided decline.

Volume changes expose fund flows: the decline is accompanied by increased volume, while the rebound shows a significant decrease in volume, indicating a severe lack of follow-up buying. All major moving averages have formed a bearish arrangement, and the original support level of 2900 has now turned into a strong resistance level.

The macro level is also not optimistic. The US spot Ethereum ETF continues to experience net outflows, and regulatory uncertainty has heightened market concerns; the total locked value in DeFi protocols has decreased, on-chain activity has declined, and Gas fees have remained low for a long time, reflecting weak demand; the decline in staking yields further weakens the attractiveness of the ETH staking narrative.

Operational advice: Spot holders should decisively cut losses if the price falls below 2780, and can gradually build positions around 2650; contract traders can go short when the price rebounds to the 2850-2900 range, with stop-loss set above 2950. Only when the price breaks through 2950 with volume and stabilizes can it be preliminarily confirmed that a bottom structure has formed.

Ethereum is currently at a critical turning point, with 2850 becoming the dividing line for bulls and bears. Before there is substantial improvement in the macro environment, any rebound should be seen as a window for reducing positions. Protecting principal is always more important than blindly bottom-fishing.