Yesterday, Ethereum's price movement was indeed a bit surprising. The first half was steadily approaching 3400, then suddenly dropped towards around 3280. This kind of reverse operation caused many holders to stare at their screens late into the night pondering—could this be preparation for Black Friday? Will it break through 3500 tonight?

To start with the conclusion: this wave of decline is not a classic "trap" set by the main players. The real reasons need to be looked at from macro and liquidity perspectives.

When the initial jobless claims data was released last night, the market was immediately cooled down. Better-than-expected data indicates that the employment market remains resilient, which instantly heightened the hawkish tone from the Federal Reserve. Several officials then expressed a tendency to pause rate cuts, directly suppressing the previously accumulated expectations of rate cuts. For crypto assets, the shift in liquidity environment has the most direct impact—without new funds coming in, funds that were previously at high levels are likely to shift quickly, naturally leading to ETH's pullback.

As for whether Black Friday is a setup for subsequent rally, this idea is probably overthinking it. Historically, Black Friday in the crypto market usually plays the role of a "risk-averse sell-off." At this time of year, global financial markets' risk appetite typically drops significantly, and funds tend to withdraw from high-volatility assets. The 3500 level looks more like an illusion in the short term; the real pressure may just be beginning.