On Wednesday night trading, ETH broke downward directly, touching a 24-hour low of $2,305.61, with the decline expanding to -2.90%.

From a technical perspective, the daily high of $2,423.75 was quickly rejected, and the $118 fluctuation corresponds to a volatility of 5.12%, which is considered normal in the current market environment. The key question is whether the $2,305 level can form an effective support.
On the capital side, the 24-hour trading volume of 891 million USDT is relatively moderate, with no signs of panic selling. The perpetual funding rate for BTC remains at -0.0036%, indicating a neutral market sentiment and that derivatives market sentiment has not fully turned bearish.
Regarding sentiment indicators, the fear and greed index has fallen back to 46, officially entering the Fear zone. This value usually corresponds to the middle stage of a short-term correction cycle, still some distance from extreme panic.
From a price structure analysis, ETH is currently in a consolidation range between $2,300 and $2,400, with today’s decline testing the lower boundary of the range. If $2,305 can hold, it is expected to continue consolidating within this range. Conversely, the next key level to watch is around $2,250.
From the perspective of volume and price action, trading volume has not significantly increased, indicating that selling pressure is relatively mild. This adjustment appears more like profit-taking rather than a trend reversal.