The recent fall of ETH is quite severe. In just 151 minutes, it plummeted from $3447 to $3223, a drop of 6.35%, and is now struggling around $3244.

What's going on? Two factors are at play:

**On-chain end**: Institutional large holders played it high with leverage. When the price hits the support level, high leverage liquidations trigger a chain reaction, causing a bunch of people to be forced to sell, and the sell orders are instantly dumped.

**Macro Side**: The U.S. government is shut down, and there are no CPI and employment data released. The market is confused about the subsequent interest rate hike policy, and risk appetite has plummeted directly. With two adverse factors acting simultaneously, retail investors are fleeing.

**How to view the technical aspect**:
- RSI and KDJ have entered the oversold zone, theoretically allowing for a rebound.
- But the MACD bars are still shrinking, and the downward momentum is still present.
- The price has broken through MA5, MA10, MA20, MA50, all in a bearish arrangement.
- Although the trading volume has surged by 36%, the OBV is falling, indicating that selling pressure is dominant.

**What to do next**: There may be a short-term rebound, but don't be tempted to catch the bottom. Wait for the U.S. economic data to come out and for the policy direction to become clear before taking action. The key is whether ETH can hold the support level of $3200; if it breaks, it will be worse. If you want to catch the bottom, remember to set a stop-loss and don't be greedy.