The crypto market in 2026 is like an endless tug-of-war. ETH has surged from 2772 all the way to 3221, with profit screenshots flooding the market and anxious voices saying "If you don't get in now, you'll miss out." Even ordinary people are starting to ask, "Should I buy that coin that's been skyrocketing?" which in itself says a lot.

But behind this rally, there's really something worth a deep look. Last night, a fan reported that many people chased the high above 3200 and got caught, with the most ridiculous being that they chased the high, then panicked and cut losses during a pullback, only for the market to rebound and slap them—living out a classic "caught in the middle" scenario.

The key question is: what does this surge really mean?

Looking at the 4-hour and 15-minute K-line charts, two clear signals emerge. One is that the larger timeframe is genuinely strengthening—ETH's move from 2772, breaking through the 3150-3160 resistance zone, was very aggressive. From the perspective of Wyckoff theory, this is called a "strong breakout signal," indicating institutional funds are entering, not just retail hype. The long-term direction looks solid from this angle.

However, at the same time, that long upper shadow on the 15-minute chart is like catching your breath after a 100-meter sprint—short-term energy has clearly waned. Continuing to push hard now is likely just giving away money.

In simple terms: the overall trend is bullish, no doubt, but chasing high at this stage is like giving gifts to the big players. This move seems more like the big players completing their accumulation and then launching an active attack, rather than a full reversal. Waiting for a short-term correction before acting is much safer than blindly chasing the rally.