From the perspective of open interest, both of Ethereum's previous large-scale long and short positions ended with a victory for the bulls;

The first large-scale position building contest between long and short was in the range of 2500-2800, ultimately resulting in the short surrendering, with the long profit-taking range being 2800-3000;

The second large-scale position building contest between long and short was in the range of 3000-3200, with the shorts surrendering again, and the long profit-taking range being 3300-3500;

Currently, we are entering the third wave of contest, with a position building range of 3600-3800. If the bulls are to win again this time, the short surrender range would be 3800-4000; otherwise, it would be the bulls surrendering, with the surrender range likely being 3400-3600;