The liquidity of long positions in futures for issue #ETH has recently begun to show some signs of concentration. A small liquidation zone has appeared around 3500, and if the market continues to pull back this week, 3500 might be a good entry point.

It was mentioned before that the strong rise of ETH in this round is mainly driven by spot buying, likely related to 'coin-stock subscriptions.' This model will create a large demand for spot buying.

But the question arises—can these companies linked to ETH continue to finance like MicroStrategy? If they only rely on driving up coin prices and stock prices to issue more shares for cashing out, then the spot buying may not keep up, and ETH could easily enter a period of consolidation at high levels.

Once it enters a consolidation phase, the liquidity of futures will begin to dominate the market, and fluctuations will become more frequent.

Therefore, in addition to focusing on support near 3500 and preparing to buy on dips, it is also important to keep an eye on those companies engaged in coin-stock financing, to see if their stock price trends and behaviors have sustainability, and whether they can truly hold onto the spot. This will directly affect how high ETH can rise in this round.

Overall, the bullish trend for ETH is still present, and blindly shorting is not recommended. It is currently more suitable to wait for a pullback and look for opportunities to go long.

Only when a lower low at the daily level appears, indicating that the trend has been broken, will there be a chance to short.