Yitai 12-hour big fluctuations! Dropped 136 points and rebounded 88 points, currently fluctuating around 2936, should we buy the dip or short? Explaining the intraday high and low points in 2 minutes! Review: Yesterday at 8:30 AM, it dropped from 3035, reached a low of 2899 at 10:30 PM, rebounded to 2987 at 4:30 AM, then retraced to 2922, now stabilizing around 2936. First, let's look at the core hotspots in the circle: Yesterday, the U.S. GDP soared 4.3%, and the interest rate cut benefits directly fell through, causing the crypto market to weaken simultaneously, which is the key macro reason for Yitai's sharp decline yesterday. In addition, the U.S. "Clear Act" has not been implemented, and regulatory uncertainty caused Ethereum to see a fund outflow of 555 million in Q3, making institutional funds hesitant to enter the market, directly suppressing the rebound momentum. In the short term, there are differences in expectations for internal easing from 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 the exchange circulation ratio at only 8.7%, a record low, which provides price support and 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 decline in active addresses and transaction numbers over the past 7 days, indicating weakened on-chain demand, raising doubts about the sustainability of the rebound. The futures premium is only 3%, indicating insufficient optimism, which limits the strength of the rebound. Key points on the 4-hour chart: MACD has turned positive, with initial signs of bullishness, but RSI has not entered the strong zone. Resistance at 2987, 3030 (the drop starting point yesterday), only breaking 3030 counts as a reversal of the bearish trend; support at 2922, 2900, breaking below 2900 tests 2899, and a loss would lead to a drop to 2850-2800, indicating short-term weak fluctuations. Summary: Short-term weak fluctuations, core range 2900-3000. Intraday high at 2987-3000, breaking 3000 or rushing to 3030 is difficult; intraday low at 2900-2922, breaking below 2900 tests 2899, extreme drop to 2850.