ETH's recent trend has indeed been quite aggressive. Looking at the 24-hour data, the liquidation of long positions reached $77.96 million, while short liquidations were just over $14 million, showing a significant gap. What does this indicate? The longs are experiencing substantial stop-losses.

From the exchange perspective, Kraken, Bitmex, and Bitget all have short positions exceeding 60%. In other words, the majority of market participants are bearish. Such an extreme positioning distribution is often a signal—whether it's a confirmed trend or a trap requires closer examination.

Currently, the price is stuck at the 3141 level, with the RSI indicator at 28.62, clearly in the oversold zone. But this doesn't mean a rebound is imminent—signs of capital outflow are still ongoing. Every small upward correction seems more like an opportunity for bears to further accumulate positions.

On the technical side, the 3180-3250 range faces some resistance. If the price can rebound to this area, bears might add to their short positions. The key support level is 3077; if broken, the subsequent decline could accelerate rapidly—at which point, bulls face the risk of chain liquidations.

From a strategic perspective, it's difficult for anyone to think about bottom-fishing in this kind of trend. The risk-reward balance currently favors following the trend. The market trend is quite clear; fighting against it usually yields poor results. The importance of stop-losses cannot be overstated, and position management should be done in stages—don't put all your chips in one basket.

Crypto trading has always been a matter of probabilities; those who can wait for high-probability opportunities tend to be the ones making money.