During holiday mode, the 'pulse' of the crypto world becomes unusually weak—the liquidity is so thin that even a slight movement by a whale can cause a ripple.

Opening the 4-hour ETH chart, the sharp downward candle truly draws attention. But before panicking, it's essential to understand the background and market structure: on the first trading day after Christmas, all European and American institutions are on holiday, and market trading volume has halved by 45%. It's like a market with only one vendor left, where any quote can trigger price fluctuations. Meanwhile, Deribit’s $28.5 billion dual-currency options are approaching a concentrated expiration, and market makers' hedging operations are enough to make the market 'hyper-sensitive.'

This morning, ETH dropped from 2994 to 2895, which looks alarming but has other reasons behind it. First, Bitcoin's support at 87,000 has been broken, causing a synchronized decline across the market; second, on-chain whale 'pension-usdt.eth' closed out over 30,000 ETH long positions, with a single trade of $87.5 million enough to trigger panic among followers. However, the rebound was equally swift—price retraced to 2908. The reason is clear: RSI has plunged into the oversold extreme zone below 30, and MACD also shows reversal signals, giving bulls an entry window from a technical perspective.