Ethereum has fallen a bit hard this time.

In the past day, ETH has plummeted from above $3000, reaching a low of $2813.2. The price has now lost the two support levels of $2900 and $3000, and the market sentiment has clearly cooled. From a technical chart perspective, ETH is in a typical distribution cycle—multiple indicators show severe overselling, but any bottom-fishing signals? None have been seen for now.

The fundamentals are more complicated. The market has long priced in the Federal Reserve's 25 basis point rate cut in December, while Ethereum's own troubles are more tangible: large-scale unstaking continues, ETF capital is flowing out, and safety incidents occasionally arise. These negative factors combined have a more direct impact than macro policy.

Next, focus on three positions:
- Can this pivot point of 2826 USD hold steady?
- How is the support strength at the 2800 integer level?
- Has there been any change in institutional capital flow?

In the short term, the performance of these levels will determine whether Ethereum continues to find a bottom or experiences a technical rebound.