After the price surge driven by the positive impact of the Fusaka upgrade, Ethereum experienced a pullback in the early hours today. According to market data, the price of ETH fell below $3,100, with an intraday drop reaching 2.80%. This pullback coincided with Bitcoin falling below $91,000 and is considered a normal technical profit-taking after a sharp rise.

The intense price fluctuations triggered large-scale liquidations. Data shows that in the past 24 hours, total liquidations across the network exceeded $319 million (approximately 2.3 billion RMB), affecting more than 100,000 investors. This serves as a reminder to the market that short-term leverage risks remain high even after major positive events are realized. Whether the price can find support in the $3,050–$3,100 range is key to determining the short-term market strength.