The ripples in the teacup are still trembling, and the ETH price has settled at 3165.99. Fireworks exploded instantly in three trading groups, and those novice traders who hesitated five minutes ago started shouting, "Hold steady at 3200, aiming for 3500." I closed all chat windows and switched to the on-chain monitoring interface—the alert system flashing with glaring orange warnings, and the abnormal operation graph of sixteen related addresses unfolding on the screen like an invisible hunting net.

Most people focus on the market chart, only seeing the rise and fall of candlesticks and indicator changes. But through the perspective of the on-chain alert system, I see another story: at the moment ETH touched 3165, three textbook-level classic operations occurred simultaneously on the chain— a market maker placed limit sell orders in the 3120-3150 range across five exchanges, and three large addresses transferred ETH worth $47 million through cross-chain bridges to derivatives protocols. Most interestingly, all these operations avoided regular monitoring periods and were quietly completed during Asian traders' lunch breaks.

The confrontation between technical illusions and on-chain truths often determines the outcome in an instant. When you're tangled up before the 15-minute MACD divergence, the on-chain data has already completed a full dissection of this "false breakout." In the 47 minutes before the price surged, a series of details ignored by traditional analysis were fully recorded—this is the power of data monitoring. The virtual and real aspects of the market are laid bare on the chain.