Ethereum is quite interesting right now - both Spot and contracts are fluctuating around the $2997 mark, with a price difference of only 0.03%, indicating that both markets are basically in sync. In the past 24 hours, it has fallen by 0.67%, but the most striking thing is that the contract Trading Volume has plummeted by 83.5%, making the entire market feel like it has suddenly hit the pause button.

To be honest, this state is a typical "no one wants to move". The price is swaying in a narrow range, lacking both the momentum to break through and a clear sense of direction. I originally wanted to look at the value area and trend band data for reference, but the key indicators are all missing—VPVR's value concentration area, MA200, and the Bollinger Bands, all these conventional anchor points are unavailable, and I can only dig for clues from the existing data.

Looking at the derivatives side: the long-short ratio slid from 2.87 to 2.65, with long positions being withdrawn, but overall still leaning toward the long side. The funding rate of 0.0027% is basically neutral, with no extreme crowded signals appearing. However, the problem is that there are still $5.76 billion in open contracts, but the trading volume has plummeted by more than 80%. This is a standard case of "having positions but no heat," and liquidity has directly dried up.

This is the worst time to play with leverage. With such low market participation, any slight disturbance can cause significant fluctuations, but the direction is completely unpredictable. It is advisable to reduce your position to a light one, or even just stay on the sidelines. As for the news side, recently it has just been some routine market discussions and media reposts, with no substantive catalysts. It is estimated that it will continue to grind in the short term.

In short, it's a situation of just waiting.