Looking at this wave of ETH market, it has indeed reached a very interesting point.

The price surged to 3056 the day before yesterday, testing the upper resistance, then fell back to around 2950. Now it’s repeatedly bouncing around the middle band of the Bollinger Bands. Interestingly, the upper band (2999) and the lower band (2900) are gradually converging, indicating that the momentum of the unilateral rally has temporarily been exhausted, and the market is pausing here to reorganize and make choices.

Don’t panic just because of the pullback. The MACD’s DIF is still above DEA, which means the bullish framework is still intact. The real shift is that this wave of ascent has completely broken the previous 2850-2950 consolidation pattern. Now, the entire trading range has been shifted upward to a new platform of 2900-3000. This pullback is less about risk and more about cleansing restless chips and paving the way for the next phase of surge.

On-chain data also confirms this logic. Smart money has been continuously accumulating below 2900 over the past week. When the price reached 3056, the main sell-off came from short-term trend-following retail traders. The chips haven’t really left; they are just shifting from weak hands to strong hands. Plus, the macro environment has indeed been turning recently. The total locked value in Ethereum Layer 2 ecosystems is hitting new highs, and these fundamentals suggest that this is not a bear market rebound but a mid-cycle bull market correction.

From my perspective, this is just a relay. The 2900 to 2920 range is the best defensive zone and a good position for the second deployment. If it really breaks, I will set a final stop-loss at 2880. But once the consolidation is complete and volume picks up again, breaking through 3056 should just be a matter of time, and the target could then be set at 3200.

The core of trading is to identify the right direction and strike at key points. Over the past week, the community has repeatedly indicated opportunities below 2880. Those who followed the rhythm are now in floating profit. Now, the market has once again presented an opportunity for deployment. Whether to act or not, you should know in your heart.