Analyzing the mindset of retail investors:
1. Those who break even: They feel like they have held on for so long, finally breaking even, so they quickly close their position, resulting in selling Ethereum.
2. Those who made money: Having made so much, they think they should sell quickly as the price has stabilized, believing that after such a rise, a correction must be coming, so they short the market, resulting in selling Ethereum and going short.
3. Those who continue to hold short positions: They feel that since the price has risen so much, it must be nearing its peak, so they add margin and continue to hold.
4. Those who previously cut losses: Seeing Ethereum rise so much, they feel regret for their previous losses, unwilling to accept it, thinking, "No, I need to make up for this," and thus start shorting.
