Ethereum's performance today can be described as a "textbook" roller coaster. After a sudden plunge in the afternoon, the $3200 support level has become a life-and-death position. Holding this line still offers some buffer space, but once it is broken, a chain reaction could follow.

What’s even more heartbreaking is the policy-level uncertainty. This Friday, the U.S. Supreme Court will rule on tariffs from the Trump era, which is like the Damocles sword hanging over the market. Don’t be fooled into thinking this is just a policy adjustment; historical data speaks volumes: the last time tariffs changed, ETH experienced a single-day plunge of 6%, and during the same period, $262 million in long positions were liquidated within 24 hours. That scene was like a domino effect—one after another.

The DeFi market reacts most敏锐. Data shows protocol trading volume has dropped by 20% in just half a day, and the once crowded mining pools are visibly losing popularity. Retail investors are also busy adjusting their positions, and the entire ecosystem is like squirrels preparing for winter—alert, cautious, waiting for the wind to settle.

The market nerves are very tense right now; even a slight breeze can trigger turbulence. This shadow is unlikely to dissipate in the short term.

But this is also a moment of differentiation. Some are shouting "the bottom-fishing window is open," while others have shifted to defensive positioning. Community discussions are even more heated than trading activity. Honestly, guessing bottoms and tops has always been a futile effort; the real survival rule is simple: protect your principal. Until policy dust settles, managing risk is much wiser than blindly increasing positions. Many exchanges have demonstrated resilience through stable risk control systems during this turbulence, which provides a rare sense of reassurance for users. The subsequent policy implementation and market reactions are worth continuous attention, so everyone should remember to adjust their strategies in time.