ETH $1,955.68, down slightly by 0.29% over the past 24 hours, with a volume of $838.96M. Normal. The price is approaching the intraday low of $1,941.66. Contract data is key: funding rate is neutral (−0.0036%), but the long-to-short ratio is as high as 2.38 (leaning bullish), with open interest at $3.50B, indicating that overall market sentiment remains bullish. However, short-term price declines may cause many long positions to be at a loss or face stop-loss triggers.

On a macro level, the market is in extreme fear (index 8), with ETH maintaining a 10% share.
My view: ETH is stuck in an awkward position, with heavy long positions but weak price action. If the intraday low of $1,941 cannot hold, it could trigger a wave of long liquidations, testing $1,900 downward. To reverse the situation, a volume breakout above $2,039 (intraday high) is needed.
Conclusion: Don’t rush to bottom fish at the current level. Two key points to watch: 1. Hold above $1,941 and see a rebound, then try a small long position; 2. If volume breaks below $1,941, wait for a deeper correction (around $1,900) to stabilize before trying again. Currently, market sentiment is poor, and long positions are crowded. Be cautious.