Recently, the movement of ETH has indeed attracted a lot of attention. After continuous monitoring and analysis, I want to share some observations: the current rebound seems strong, but from a technical perspective, bearish signals are already quite evident.

The core judgment is this—ETH is currently in the late stages of a weak rebound, like a bow at full draw about to release. The resistance levels above are like a fortress, multiple attempts to break through have failed, which usually indicates an upcoming correction. Based on this judgment, I have already positioned small short positions around 3060, and plan to continue entering in batches between 3050-3070, with the first target at 2840. Once this level is stabilized, there’s a possibility of further decline to 2700.

Why are we so bearish? Three key signals are worth noting:

**First, the rebound lacks genuine participation.** ETH is currently around 3036, but after reaching a high of 3068 yesterday, it immediately fell back, as if an invisible hand pressed the pause button. The logic behind this is simple—whenever the price moves upward, a continuous flow of chips (capital) floods out in sell orders, and there’s no real buying support at high levels. Especially now, the mark price and spot price are basically aligned, and the premium has almost disappeared, indicating that market enthusiasm for pushing higher is nearly exhausted. Isn’t this what weak momentum looks like?

**Second, technical indicators are already sounding alarm bells.** Looking at the Supertrend indicator (parameters set to 10,3), the clear resistance level is at 3219. Although there’s about 6% room from the current price, for this type of indicator, this is a critical level—breaking through is difficult, and failure to hold may lead to a larger decline.

From the chart structure, the entire rebound appears weak and unsustainable. Keep a close watch on this level; the subsequent trend should become clearer.