Last night, ETH acted like a fool, following silver's decline, while BTC didn't even make a new low.

ETH's one-hour dip didn't trigger a liquidation at all; there's really no chips below, all the chips are above. This kind of "shrinking volume decline, no liquidation spike" usually indicates the exhaustion of selling momentum. The main force wanted to create panic selling, but found no one panicking below, which is quite awkward.

BTC didn't break a new low, ETH followed silver downward. This indicates that ETH is currently regarded by funds as a **"risk-type commodity"** rather than "digital gold." The exchange rate (ETH/BTC) is bleeding out.

This is a typical feature of the market at this stage: a game of stock, abandoning the weak and leaving the strong. Since no volume has exploded below, the main force hasn't obtained enough liquidity. The price will rebound to test the lower edge of the dense area on the VPVR above (around 2780-2800).

Purpose: to lure longs, making people think ETH is viable again, then once again pushing down at the resistance level.