Why has ETH been stuck at 3200 this time?
Let me briefly share my thoughts.
First point
The long positions that entered between 2700–2800
have already made 400–500 points in profit when it reached 3200
Normal people would lock in some profit
Reducing spot positions + reducing leverage
On top of that, the technical level happens to be at the previous high area
A bunch of sell orders are lying there waiting for you
It's really not surprising to be pushed back a bit.
Second point
The price level of 3200 itself is quite dangerous
Not up, not down
If it can't rise, everyone instinctively thinks
"See, it's still a bear market, can't even break 3300 / 3400"
When sentiment turns pessimistic
Some people start fantasizing about dropping back to 2800 / 2700
Chasing shorts here
To be honest, it's a bit like helping the big players gather chips.
From a technical chart perspective
Around 3.2k is originally the previous high + supply zone
Now back to 3k, fluctuating
Feels more like the "consolidation + reshuffling" after the previous surge
Can't really be called an apocalypse collapse yet.
This is my internal script
If one day it really dips to around 2900
I actually wouldn't dare to open new shorts there
That kind of position
Feels more like a zone where both bulls and bears are being lured
Making the wrong direction can easily lead to being trapped until next year
How to play specifically is up to each person to decide
I’m just sharing what I see
In summary
Being pushed back from 3200 does not mean the bull market is dead
But daring to go all in chasing shorts at the edge of 3k
Is likely using oneself as the contrary indicator
