$ETH unexpectedly fell below the key support at 2240, and the market performance looks weak. Intraday, it quickly pulled back from the expected high at 2350; during the decline, no obvious resistance was seen. The moving-average system has turned broadly bearish, and the strength of the bulls’ rebounds is weak. Notably, it’s also reported that even large traders’ long positions—such as “Maji Ge” and others—were forced liquidations. Losses during the week are rumored to reach $4 million, showing just how violent the market’s volatility is.

The current core question: Is this a technical bear trap to lure short positions, or a continuation of the sell-off? Judging from the price action, you should watch several key points:

1. After a high-volume breakdown of the key support, the market needs time to rebuild confidence;

2. Forced liquidations among large traders may intensify short-term sell pressure;

3. If there is no effective rebound signal, you should guard against further downside.

In terms of strategy:

• Bottom-fishing should be cautious; it’s better to wait for clearer signs that the market has stabilized;

• Those with heavy positions should consider trimming on rebounds or set stop-loss levels;

• Those with no position can continue to observe and don’t need to rush into the market.

Risk warning: The above is only a market observation note and does not constitute investment advice. The crypto market is extremely volatile—please be sure to make independent judgments and apply strict risk control.$BTC $DOGE