$ETH this drop has broken through the 2480 short-term support. In terms of pattern, it’s formed a small-scale descending continuation. After pulling back from the high at 2523, the price is currently hovering around 2474. In the past 24 hours, the low briefly touched 2440. Turnover of 8.7B is still fairly active, but the -1.49% decline suggests that the bulls are not rushing to bottom-pick. Key reference levels: below 2440 is the intraday low and also a prior high-volume/position-concentrated area. If it breaks down on increased volume, the next target would be in the 2380–2400 range. Above, 2500–2520 is short-term resistance; ETH needs to reclaim above 2520 to ease the downside pressure from this pullback. From a technical structure perspective, ETH is currently near the end of a converging triangle, with a directional choice approaching. Macro-wise, US stock index futures are waiting for inflation data, while oil prices and yields are weighing on risk appetite—this is generally bearish for ETH’s short-term outlook. However, the 8.7B turnover hasn’t noticeably contracted, indicating capital is still actively in the market and the move isn’t a one-sided collapse. My view: short-term bias is bearish, but not overly so. There’s a high chance ETH will range-trade between 2440 and 2520. If it breaks below 2440, look for bearish momentum to continue; if it reclaims 2520, the short-side logic fails. Worth watching: if tonight’s inflation data comes in below expectations, ETH might use the momentum to rebound above 2500. What do you think?