The trend of ETH appears weak, with the price falling significantly by more than 4% in the past 24 hours, causing market concerns about its short-term trend. It is particularly worth noting that if the ETH price falls below the key support level of $2,596, it will trigger the forced liquidation of nearly $163 million in short positions, which will undoubtedly increase market tension.

Overall, the cryptocurrency market has generally suffered heavy losses in the past 24 hours, and mainstream currencies such as Bitcoin and Ethereum have not been immune. Against this background, an on-chain transaction by Ethereum co-founder Vitalik Buterin has attracted widespread attention - he transferred 200 ETH worth approximately US$530,000 to the Kraken exchange. This is not only his first move in 2024. The first deposit to a centralized exchange (CEX) in 2018 also attracted much attention due to its market influence.

Although the amount of this transfer is small compared to the size of Vitalik’s assets, and the purpose of the transfer (donation, pledge or sale) has not yet been made clear, its actions are still regarded as one of the market trends. In addition, Vitalik recently transferred more than 3,200 ETH worth more than $8 million to two new multi-signature wallets. These wallets may be used for charitable donations in the future, further demonstrating its keen insight into and active response to market dynamics.

Technically, ETH is currently trading around $2,620, but the significant decline over the past 24 hours and the decrease in open interest reflect the weakening confidence of investors and traders. According to on-chain data analysis, ETH's liquidation risk is mainly concentrated below $2,596. Once this level is reached, a large number of short positions will face the risk of being forced to liquidate. On the other hand, if market sentiment reverses and the price climbs above $2,686, it may trigger profit-taking on a large number of long positions.

To sum up, the current trend of ETH is biased towards the bearish side, especially when senior traders such as Peter Brandt are cautious about the market outlook. However, the volatility of the cryptocurrency market is extremely high, and future trends are still affected by many factors. Investors need to remain vigilant and pay close attention to market dynamics.

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