The large and continuous purchases by institutions such as ETF+sharplink have almost completely liquidated the ETF shorts in the contract market.
Since the missile attack, the market rhythm has almost always been led by ETH in a leading position.
After completing this round of accelerated rise, it is common to see some topping behavior in the short term. Therefore, the failed shorts should not be discouraged; the market is a stage where long and short players take turns. As market participants, we cannot control the market and can only follow the stronger side like a reed in the wind.
Currently, there is no recommendation to chase longs at this price level for Ethereum, as the risk-reward ratio is completely disproportionate. For those who prefer to test the top on the left side, one must act quickly when taking risks, and decisively exit when the direction is wrong.
At this high level, there are still no signals supporting short positions, so patiently waiting for a pullback to go long is the best approach. As for whether we can break the previous high and reach 3k, it depends on whether the market bullish sentiment can extend again.
Retracement to the key level around 2650-2670.
Resistance: /2840/2880/2915/3010
Support: 2730/2670/2620