ETH Was Still Falling

Pei Yanzhou first stared seriously at the ETH chart at 2:47 a.m. He did not turn on the lights. The monitor cast a pale wash over the rental apartment. The candlestick chart looked like a staircase being kicked downward step by step: six thousand, fifty-three hundred, forty-eight hundred, forty-one hundred. In just a few sessions, the market felt as if someone had pulled out its spine. Telegram groups were not discussing analysis anymore. They were dumping screenshots. One person posted a position, another posted a liquidation notice, and someone else changed their avatar to “liquidated, memorial edition.” On X, the trending tags were colder than he expected: `ETH crash`, `liquidation cascade`, `buy the fear`.