The $ETH spot market is the same as the futures market.
Whales are absorbing the selling volume, and the situation will reverse once a trigger for an upward movement happen.

Buy orders for $ETH are still very strong.
On the other hand, there are almost no sell orders.

Twitter

Bitcoin at Block – the Bitcoin project of Block , the company founded by Twitter co-founder Jack Dorsey – has just announced the launch of a free Bitcoin Faucet, marking the return of the Bitcoin distribution model...

Jack Dorsey announces a $1 million project to give away free Bitcoin.

MicroStrategy founder Michael Saylor asserts that Bitcoin has won the global narrative war, specifically naming BIP- […]
The article, "Michael Saylor Warns BIP-110 is the Biggest Threat to Bitcoin; Four-Year Cycle is Dead, Institutional Capital is the Real Protagonist," was first published on BlockTempo, the most influential blockchain ABMedia media.

Michael Saylor warns that BIP-110 is the biggest threat to Bitcoin; the four-year cycle is dead, and institutional capital is the real protagonist.

Chainlink has released 17.875 million LINK tokens valued at approximately $165 million in its scheduled quarterly unlock, according to on-chain data.
Of the newly unlocked supply, 14.875 million LINK,...

Massive Chainlink Token Unlock Sparks Sell-Off Fears

Whales absorb
Retail panics
Then the reversal hits and rewrites the narrative