Auntie had a major fluctuation in 12 hours! Dropped 136 points and then rebounded 88 points, currently fluctuating around 2936, should we buy the dip or short? A 2-minute explanation of the day's high and low points! Review: Yesterday at 8:30 AM, it fell from 3035, hitting a low of 2899 at 10:30 PM, rebounding to 2987 at 4:30 AM, then retracing to 2922, now stabilizing around 2936. First, let's look at the core hotspots within the circle: Yesterday, the US GDP soared by 4.3%, and the interest rate cut benefit was directly nullified, causing the crypto market to weaken in tandem, which is a key macro reason for Auntie's significant drop yesterday. Additionally, the US "Clarity Act" has yet to be implemented, and regulatory uncertainty has led to a capital outflow of 555 million from Ethereum in Q3, making institutional funds hesitant to enter, which directly suppresses rebound momentum. In the short term, there are differences in expectations for easing within the Federal Reserve, but the overall macro environment is bearish, limiting the height of the rebound. Now, let's look at key on-chain data: First, over 32.4 million ETH are staked, with only 8.7% circulating on exchanges, a new low, and the low circulation provides price support, which was an important reason for the rebound to 2899 yesterday; second, on-chain fees have dropped by 45% in the last 30 days, and active addresses and transaction numbers have declined in the past 7 days, indicating weakening on-chain demand, raising doubts about the sustainability of the rebound. Futures premium is only 3%, indicating insufficient optimism, which limits the rebound strength. Key points on the 4-hour chart: MACD has turned positive, showing initial bullishness, but RSI has not entered the strong zone. Resistance at 2987, 3030 (the drop starting point yesterday), only breaking through 3030 counts as a reversal of weakness; support at 2922, 2900, if it breaks below 2900, it tests 2899, and if it fails, it may drop to 2850-2800, indicating short-term weakness. Summary: Short-term weak fluctuations, core range 2900-3000. Day high at 2987-3000, breaking through 3000 or reaching 3030 is difficult; day low at 2900-2922, breaking below 2900 tests 2899, with extreme drops to 2850.