Ethereum has recently experienced significant fluctuations, with the price falling below 2800 USD, a drop of over 6% within 24 hours, triggering over 270,000 people to get liquidated, with a total amount close to 1 billion USD. The market is impacted by multiple factors:

1. Technical Analysis: The 1-hour chart shows a clear sell signal, with short-term momentum weakening;
2. Macroeconomic Sentiment: The Federal Reserve's policy expectations fluctuate, and institutional funds continue to withdraw;
3. On-chain data: The total value locked (TVL) in the Ethereum network has decreased from nearly 100 billion to 72.3 billion USD, reflecting capital outflows.

Despite the ETF net inflow of $76.54 million (with BlackRock's single-day inflow of $68.26 million), the market remains in a state of extreme fear in the short term, and further pullback risks should be taken seriously.