ETH directly broke through 3000 from 3050, without even a decent pullback, all the way down to 2870—this trend can no longer be explained as a "pullback." This is a typical case of concentrated selling pressure + panic selling, which belongs to a phase of uncontrollable big dump.

It's a very awkward position right now: the bulls' confidence has already cracked, but the bears are also starting to face risks in chasing higher.

**Why did it fall like this?**

**After the key level of 3000 is lost, the bulls directly reverse to sell short**
In the past, every time it hit 3000, there were funds to take over, but this time the break has almost no resistance, indicating that the bulls' willingness to support the market is completely gone.

**MACD green bars directly increase in volume**
It's not a slow decline, it's a panic escape. What's the probability of a quick V-shaped reversal in this pattern? Extremely low, at least it needs to first experience a pullback and repair.

**Large funds are obviously concentrating on cashing out**
After so many days of sideways movement with no one pushing the price up, the maintenance cost is too high, so it's better to clear the position all at once, triggering a chain of stop losses.

In simple terms: this large bearish candle is a signal flare, not an end.

**What do bulls need to pay attention to in order to turn the tide?**

It is not about whether there will be a pullback, but whether the pullback can hold steady. The key right now is not the low point of 2870, but two clear bullish thresholds:

**Level 1: 2930-2950 pullback zone**
This is the previous low position that has just been broken; whether it can pull back and stabilize will directly determine if the rebound is real or not.

**Level Two: 3000 Integer Barrier**
If the pullback cannot even regain 3000, the trend remains weak, and all rebounds are just opportunities for bears to sell.

In other words:
- Pullback but can't reach 2950 = weak pullback
- Only when it stands back at 3000 can we talk about a reversal.

Otherwise, it's just a drowning person changing their breath, not truly coming ashore.

**What do bears think?**

Since it is a rapid fall, the bearish path is clearer - continue to watch for the breakout continuation:

**Fall below 2850 = another pullback**
Target looking at the 2800—2775 range

**If the rebound is weak, the pullback does not exceed 2930-2950**
The bears will suppress again, testing 2820—2790.

The real breakout point for a large-scale bear market is:

**Effectively fell below 2770**
This marks the start of a new round of downward trend, with prices possibly heading straight for 2720/2680 or even lower.

In summary:
2870 is not the bottom, just a step halfway up the mountain;
To counterattack, we must reclaim 3000.
Breaking through 2850, bears continue to dominate the market.