The Ethereum market has recently seen a series of eye-catching movements, attracting widespread attention from investors. Market data shows that a large holder transferred approximately 26,000 ETH to the Binance exchange, a move that stirred quite a ripple in the market. Meanwhile, Grayscale's ETH trust also reduced its holdings by about 18,000 ETH, further exacerbating the uncertainty in the market.

These actions coincide with Ethereum founder Vitalik Buterin's tweet deleting the Pectra timeline, suggesting that the network upgrade may face delays. The cumulative effect of these events has had a significant impact on the market, leading to a noticeable downward trend in prices.

From a technical analysis perspective, multiple indicators are showing pessimistic signals. The MACD indicator shows that the DIF value has significantly decreased by 62% within 24 hours, and the red bars are continuously shrinking, indicating that the downward trend may continue. In terms of trading volume, the breakdown volume at the $3600 level is only about 40% of the 5-day moving average, reflecting the current lack of buying power in the market.

The price is currently being suppressed by short-term moving averages, especially the 5-day and 10-day moving averages forming strong resistance above $3550. At the same time, a large number of sell orders have been detected around $3500, which may bring further downward pressure on the price.

The market's fear sentiment has明显升温, with the fear and greed index dropping to 24, placing it in the extreme fear zone. Within the $3500 to $3600 range, approximately $120 million in long positions face liquidation risk, further increasing market uncertainty.

In the current market environment, investors need to stay vigilant and closely monitor market trends and changes in important indicators. Key indicators such as the Coinbase premium, in particular, may provide important clues about the direction of the market. At the same time, it is also important to pay attention to changes in the global macroeconomic situation and regulatory policies, as these factors may have a profound impact on the cryptocurrency market.