The market just showed signs of a rebound, but a big news hit: Ethereum whale "nemorino.eth" couldn't withstand the pressure and sold 5,000 ETH at the $3,087 level, losing over $1.8 million. This whale's move has caused chaos in the market. The current question is: is this a signal of a big drop ahead, or are the main players shaking out weak hands to create a low-entry opportunity?

Let's first look at the logic behind this sell-off. It's not just a simple stop-loss; it's a classic "buy high, sell low" trap. On November 6, this trader jumped in at $3,452. After 12 days with no movement, as the price declined, they finally couldn't withstand the volatility and decided to exit. In short: even whales can get caught, and retail investors blindly chasing highs are more likely to become the next victims.

The current market situation is a bit delicate—technical indicators are showing an upward trend, but the news is full of negative signals. The MACD has a bullish crossover below the zero line, resembling a car that slipped into a ditch and is now trying to reverse uphill, but a full turnaround is still far away. Both bulls and bears are fighting fiercely now, with no clear advantage.

Pay close attention to the technical details: the resistance level at $3,260 is recent, and breaking through it depends on whether trading volume can support the move. Further up, the $3,350 level is a tougher line of defense. The key support levels are crucial—$3,000 is the watershed for direction, with $2,850 as the last bastion. If the rebound lacks volume, it will be a false alarm, and the market will have to return to the starting point.

From a medium-term perspective, bulls still have a chance, but short-term volatility depends entirely on how these key levels perform. A rise without volume support is just a paper tiger; a real breakout must be confirmed by increased trading volume.