Tonight's market for $ETH can be described as a 'life-and-death battle' between bulls and bears. The 3820 position has become the most critical battleground at the moment.
From the market perspective, ETH is currently approaching the 3820 resistance level, seemingly just a step away, but the underlying capital movements are filled with intrigue: a certain whale is using 20x leverage to short 20,000 ETH, currently realizing a floating profit of 1.12 million, and the bearish sentiment is strong; on the other hand, Grayscale saw a significant outflow of 11,000 ETH yesterday, while BlackRock has turned to increase its BTC holdings—this 'rise and fall' of capital flow is releasing a clear signal of diversion, casting a shadow over ETH's breakthrough path.
Further breaking down the technical details:
- If it can strongly hold above 3820, it means the bulls have successfully broken through the resistance, and the subsequent rebound space is expected to open up, with the first target looking at 3930, and even the possibility of hitting the 4000 USD integer level;
- However, the support level at 3736 must be closely monitored, as this is the 'lifeline' for the bulls. If it is lost, the pressure for a pullback will instantly amplify, and if it can retrace to the 3500-3600 range, it may instead present an opportunity worth seizing—this range is not only a strong support area validated multiple times previously but also a key area for the reshuffling of bullish and bearish forces, providing better value for money.
In fact, the game in the cryptocurrency circle has always been a 'big fish eating small fish' scenario. Many people want to catch the bottom when they see a price pullback, without realizing they might be stepping into a trap set by the whales—what you think is the 'floor price' may just be the 'cutting position' for them to offload. To avoid the sickle, one must understand the actions of the main players: the leverage movements of the whales, the capital flows of institutions, and the bullish-bearish struggles at key points—these are the core elements for judging the market.
Tonight's battle will directly influence the short-term trend for ETH, whether holding positions or observing, one must closely monitor the offensive and defensive dynamics in the 3820-3736 range, and not let emotions skew judgment.
