Today, Ethereum maintained a narrow fluctuation in the range of 2486-2490 USD in the morning session, with undercurrents stirring beneath the surface calm. The market equilibrium was disrupted by two major news: on-chain monitoring showed that Jump Trading transferred 10,000 ETH(, approximately 24.87 million USDT), to the Binance platform, while BlackRock's Spot ETF experienced an unexpected net redemption of 9.82 million USD, leading to a rapid market decline.

From a technical perspective, the lowest point during the decline touched 2470.3 USD, precisely breaking through the psychological support level of 2470 USD. After the rebound, the price hovered around 2486.76 USD but was effectively suppressed by a resistance level formed by about 380 ETH sell orders at around 2486.80 USD. It is worth noting that the large trading volume suddenly decreased by 10.04%, indicating that after the short-term panic sentiment was released, the market entered a wait-and-see phase.

The current market is facing three core contradictions: first, the MACD indicator has been below the zero line for 6 consecutive hours, indicating that bearish forces are still dominant; second, the negative premium of Grayscale's ETHE product has expanded to -1.9%, reflecting continued outflows of institutional funds; finally, several large buy orders exceeding 500 ETH have appeared around the $2470 mark, forming a clear long-short battle zone.

Although the market trend has historical references, it does not simply repeat: in October last year, a16z's transfer of digital assets also triggered a short-term flash crash, but at that time the MACD was about to form a golden cross, whereas the current market is in a dead cross that has not yet closed. The options market also shows potential risks: open interest has increased by 18% and is mainly concentrated at the $2500 strike price, while the Federal Reserve's hawkish stance may bring additional pressure to the market.