Yitai 12-hour big fluctuation! Dropped 136 points and then rebounded 88 points, currently fluctuating at 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, at 10:30 PM it hit a low of 2899, then rebounded to 2987 at 4:30 AM, and later retraced to 2922, now stabilizing around 2936. First, let's look at the core hotspots in the circle: yesterday the US GDP soared by 4.3%, and the interest rate cut benefit directly fell through, causing the crypto market to weaken in tandem, which is the key macro reason for Yitai's sharp drop yesterday. Additionally, the US "Clarity Act" has not been implemented, and regulatory uncertainty has led to a net outflow of 555 million from Ethereum's Q3 funds, making institutional funds reluctant to enter the market, directly suppressing rebound momentum. In the short term, there are differences in the expectations of easing within the Federal Reserve, but the overall macro situation is bearish, limiting the height of rebounds. Now let's look at key on-chain data: first, over 32.4 million ETH is staked, with the circulation on exchanges at only 8.7%, a record low, and the limited circulation provides support for prices, which is an important reason for the rebound at 2899 yesterday; second, on-chain fees have dropped by 45% in the past 30 days, with a decrease in active addresses and transactions over 7 days, indicating weakened on-chain demand, raising doubts about the sustainability of rebounds. The futures premium is only 3%, indicating insufficient optimism, which limits the rebound strength. Key points on the 4-hour chart: MACD has turned positive from negative, showing initial bullish signs, but RSI has not entered the strong zone. Resistance at 2987, 3030 (the drop starting point yesterday); breaking 3030 is needed to reverse the weakness; support at 2922, 2900, breaking below 2900 tests 2899, and a failure would lead to a drop to 2850-2800, indicating short-term weak fluctuations. Summary: Short-term weak fluctuations, core range 2900-3000. Day's high at 2987-3000, breaking 3000 or reaching 3030 is difficult; day's low at 2900-2922, breaking below 2900 tests 2899, with extreme dips possible to 2850.