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$ETH last night's pump was entirely to eat up the liquidity of the short orders above. The large short order at 2620 was liquidated, and the highest price reached 2649, along with the liquidity above being liquidated.
The pullback started around midnight to the vicinity of 2480, which basically aligns with my prediction of a fluctuation within the range of 2620-2480. The 2480 level has already received strong support several times. Liquidity is scarce on weekends, and if this level is broken, it may trigger significant sell-offs.
$ETH liquidation chart shows that shorting users added back all short order positions in the middle of the night, and the liquidation funds are more than double that of long positions. The current market position is looking at the support at 2480, with the support below at 2423. If the support breaks, it will go down to the 2180 position.
Shorting has a lot of space, but the problem is that there are too many shorting people, so it won't drop smoothly. It is estimated that it will go up for a while to clear out the short order users before it drops.