Anyone who was watching the charts last night must have felt that heart-stopping rollercoaster.

Just after 10 p.m., ETH started acting weird—on some platforms the price had already slipped to around $2,998, which gave me an uneasy feeling. Sure enough, 11 minutes later we witnessed a textbook waterfall: ETH plunged straight from $3,028 through $2,942, evaporating 2.83% in less than ten minutes. That’s when the nightmare began for high-leverage traders, with liquidation alerts going off everywhere.

But the worst was yet to come. Between 22:15 and 22:33, the price slid even further from $2,951 down to $2,925 like it was on a playground slide. On-chain data revealed some tragic stories—a certain account got force-liquidated when ETH dropped below $2,900, losing $738K in one go. Incredibly, they immediately jumped back in with a heavy long, showing some insane nerves.

"Machi Big Brother" was pulling off some wild moves too, closing out positions only to open new longs right after—a classic never-give-up type. The whole market kept swinging back and forth between panic selling and gambler-style bottom fishing.

Now the price is steady around $2,942.5, and things look calmer on the surface, but who knows when the next wave will hit? With this kind of market, you really can't afford to lose focus for even a second.