The price is racing against the Bollinger upper band but 'hit the brakes' above the POC—long positions are quietly reducing, spot buying is flowing back, resembling a washout before a surge.

[Key Interval Structure]

1. Value Anchor: POC 3648, the 'psychological bottom line' for intraday bulls pulling back.

2. High Volume Area:

• HVN-1 3609-3667 (dense trading over the past two weeks), a pullback is seen as a buy opportunity;

• HVN-2 3752-3781, if the breakthrough is successful, it will open up upward space.

3. Low Volume Gap:

• LVN-1 3890-3900 (only 300,000 ETH traded above), breaking through could quickly hit the 3958 Bollinger upper band;

• LVN-2 3430-3450 (lower vacuum), if it breaks below 3609 it will accelerate sliding towards this level.

4. 70% Volume Coverage Area: 3581-3809, current price 3889 is close to the upper edge, short-term entering 'overbought territory'.

[Momentum Verification]

• 3890-3900: Down Volume 56%, selling slightly dominant, needs an increase in volume to confirm upward movement.

• 3648-3667: Up Volume 61%, strong bullish defense willingness, a pullback to this area can be regarded as a safety cushion.

[Auxiliary Signals]

• Bollinger Bands: Current price at 71% percentile, upper band 3958 is a natural resistance; MA200 3635, deviation +7%, medium-term trend still upward.

• Contract Holdings: 24h reduced by 20%, but prices continue to rise, volume-price divergence suggests a short-term pullback may be needed.

[Market Cycle]

In the 'mid-market bull phase' of oscillation: long-term highs continuously moving up, short-term washing through high volume areas.

[Trading Strategy]

1. Aggressive Long Position: Pull back to 3667±5 to place long, stop loss at 3630 (lower HVN-1 outer edge), target 3752/3958, risk-reward ratio ≈ 3.1.

2. Steady Long Position: Wait for a 15-minute level breakout above 3900 with Up Volume > 60% to chase long, stop loss at 3874 (lower LVN edge), target 3958, risk-reward ratio ≈ 2.2.

3. Counter-Trend Short Position: If the 1-hour close drops below 3609 and Down Volume > 55%, can short to POC 3648, stop loss above 3635, risk-reward ratio ≈ 1.8.

Risk Control: Any strategy that triggers a stop loss will exit completely; if a macro black swan occurs, observe directly.

[LP Market Making Suggestion]

In the '3667-3752' high volume area, place thin orders on both sides, width of the range ≈ 2.3%, using high-frequency trading to earn fees; if the price breaks above 3752, simultaneously move the range up to '3752-3820'.

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