The recent market conditions are indeed suffocating. Last week's Ethereum decline found support at $2775, touching the previously marked range of 2750-2800. The downward momentum was fierce, and market sentiment is on the verge of collapse. However, if you only focus on the surface panic, you'll miss the truth lurking beneath.

**What is the current situation?**

Ethereum is oscillating within the $2800-$2900 range, and the technical charts don't look optimistic. On the 4-hour timeframe, the Bollinger Bands are opening downward, and the price has even failed to stabilize above the middle band, indicating a bearish dominance. But at this moment, it's important to stay calm and not be frightened by the candlesticks.

The truly noteworthy signals are in these areas: First, whale addresses have quietly accumulated 1.1 million ETH recently. These large holders never cheer loudly on social media; they speak through their actions—buying signals. Second, open interest in derivatives markets hasn't followed the plunge; instead, it has surged from $10 billion to $35 billion. This suggests that institutions and experienced traders haven't panicked and are maintaining a basic level of confidence in the medium-term trend. Third, the $2750-$2800 zone is not only a Fibonacci retracement support level but also a demand area for rebounds after previous declines, making the short-term defense relatively solid.

This state is like the oppressive silence before a storm—seemingly suffocating, but often followed by clear skies.

**Key technical details**

From a short-term perspective, Ethereum is at a critical crossroads. Keep an eye on whether the $2750 support can hold and whether the $2900-$3000 range above can be effectively broken through. The activity in derivatives markets and the movements of on-chain large holders will be important references for judging the next trend.