Recently watching the minute-level chart of ETH, the more I analyze, the more I feel that this wave of market movement is a bit off.

First, let's talk about the price. ETH hit 3266 and started to weaken. The divergence at this level is very obvious—price is pushing upward, but the volume bars are gradually shrinking. What does this mean? It indicates that the main players are quietly pulling back their ladders, while retail investors are still foolishly chasing the chips. Looking at the 15-minute chart, the 3266 level has been tested multiple times without breaking through. The repeated stabbing movements are basically testing the patience of the bulls.

In this situation, the market turns into a dull knife cutting meat. The big players are dangling a piece of meat above— the false breakout— to attract those afraid of missing out to enter, then they use a dump to harvest. This sideways consolidation is most likely to mess with traders' psychology, appearing to break out but actually accumulating strength for the subsequent decline.

**Technical analysis judgment**:

In terms of direction, the current bullish momentum is already at its end. Unless a huge volume breakout occurs, the market is likely to turn back. Going short (top fishing) is a more prudent approach.

The key level is in the 3255 to 3270 range, which is the defense line. When the price reaches this area, consider gradually opening short positions, but don’t go all-in—save some bullets for emergencies. Support below is around 3150.

**Risk line is set at 3290**. If the price truly stabilizes above this level, it indicates that the main players do intend to continue upward. In that case, you should cut your positions and admit defeat—protecting your life always comes first.

The market is like this: it looks calm on the surface, but dark currents are surging underneath. Always stay alert.