Recently, ETH surged to 3008 and then quickly retreated to 2995 in the market, catching many off guard. Especially those who bought the dip around the 3000 level are now probably reflecting on their decisions.

As an observer who has been in the crypto market for years, I am quite familiar with this kind of pattern. The reason why 3008 became the intraday high rather than a breakout point precisely reveals the true pressure above — the selling volume far exceeded expectations. This surge seems more like it was eating up stop-loss orders below the 3000 level rather than a genuine bullish move.

From a technical perspective, the current position at 2995 is quite critical. Many will see this as support and expect the next upward move. But this is exactly a warning sign. If 3008 cannot be reclaimed, this candlestick today resembles a "gravestone doji," which usually indicates that the bears are about to take control.

Based on the current technical pattern and volume characteristics, there are two possible developments: First (with a higher probability, about 75%), the price will oscillate between 2990 and 3000, gradually exhausting the buying enthusiasm, and then suddenly break downward, targeting around 2980. Second, a true support may form at the bottom and lead to a rebound, but volume confirmation is needed.

Given the current situation, the 3000-3005 range is likely an ideal entry point for short positions.