Damn, looking at this $ETH chart makes my blood pressure shoot through the roof. Brothers who rushed in to short earlier—shouldn’t you be able to breathe a little now?

When $ETH was going sideways, I had my eyes on around 1,730. That area—bulls kept propping it up hard—but the volume just couldn’t keep up. Every bounce came on shrinking volume; it was clearly a bull trap to lure people in.

Then just now, a single spike straight-up pierced 1,720 and drove down to around 1,713. In the past 24 hours, it’s down by almost two percentage points.

What’s the most dangerous thing about this kind of structure? The biggest fear is that you look at the market thinking it’s about to reverse, and then you chase in to buy the dip.

Neither the funding rate nor open interest gave any signals, but that order-book execution speed is clearly showing someone is smashing it down in batches. Big orders get posted and then immediately get eaten up, and then the price slips down another level—classic distribution behavior.

I’ve already put protective orders on my own positions. In this kind of market, you can’t get greedy. If key levels break, you have to accept it. Those still stubbornly holding long positions—shouldn’t they be panicking right now?

With this move in $ETH, altcoins will most likely get hurt too. Once liquidity gets pulled away, small-cap coins fall much faster than the majors.

That said, the real root of this round of volatility is that recent Federal Reserve meeting.

Worster just took office and made a big splash. The FOMC kept interest rates unchanged, but in the statement they removed the wording about “further adjustments.” The dot plot directly implied that in 2026, rate hikes are possible. Nine officials took a side, and one even thought there should be three hikes this year.

Worster also said they’ll give up forward guidance going forward, letting the market price based on the data.

Isn’t this basically telling the market indirectly: rate hikes could come at any time—don’t count on me to give you signals in advance. The U.S. dollar index just surged higher, and the funding for $BTC and $ETH can only pull back and shrink.

In the short term, $ETH will likely keep retesting the support below. But as long as liquidity doesn’t come back, the rebound’s strength and duration will be weak. Futures traders should stay extra alert—don’t get tricked into chasing by small green candles.

Do you think $ETH can hold at this level? Or are we going to get another poke lower?
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