An interesting phenomenon has been observed: ETH's performance today is somewhat disconnected from the overall market trend.

I just checked on-chain data and found several signals worth noting: although the price retreated from the high of $2,345.68 to $2,285.09, a 2.37% drop, the trading volume reached 593 million USDT, which is still quite solid.
More importantly, the Fear and Greed Index remains at 49, essentially neutral, indicating that market sentiment is not showing obvious panic.
From the whale perspective, this kind of "high volume decline" is often healthier than a silent decline with no volume.
I noticed several large addresses actively accumulating in the $2,260-$2,280 range, especially some long-term holders increasing their positions.
The perpetual funding rate for BTC is at 0.0058%, remaining neutral without extreme conditions.
Today’s 3.96% volatility isn’t really large, more like a technical correction.
The key is whether the $2,256.27 low today can hold; if whales continue to accumulate in this range, there could be a rebound opportunity later.
Funds flow from several institutional addresses show they are still quite interested in this price level.
Of course, the entire crypto market is now waiting for clearer directional signals, and short-term volatility may continue.