Long-winded speeches are useless. I boldly went in. Look, I've been saying fall, fall, fall in front of me. I don't know if everyone has bought it!!!

Core support area: $3,649 has fallen.
This price range has been mentioned multiple times and is an important on-chain cost support zone. If the price of Ethereum can stabilize above this area, it may attract buyers to enter the market, thus pushing the price to rebound towards $3,899 or even higher levels.

Bearish target price: $2,870
This is the theoretical target level of the descending triangle pattern. If the key support level (such as $3,600) is confirmed to be broken, then there is a risk of the price further dropping to $2,870.

The technical analysis shows a bearish descending triangle pattern; a death cross signal has appeared (fall)

Funding situation: Institutional demand cools down, spot ETFs have seen a net outflow for three consecutive days; perpetual contract funding rates turn negative (bearish)

Market sentiment: A large amount of long leverage in the derivatives market has been liquidated; the open interest in put options has increased (bearish).

External events: Balancer protocol hacked, with losses exceeding $100 million; Fed's hawkish comments impact the market (fall)