During the early trading session, Ethereum experienced a highly volatile movement. Starting from around $3206 at 5:45 AM, it surged within half an hour to break through the $3300 barrier, reaching a high of nearly $3384, then retraced back to around $3331 under selling pressure. Behind this rapid rise and fluctuation were not only institutional capital inflows but also chain reactions triggered by contract short liquidations.

As the market developed, several key points emerged one after another. Around 6:00 AM, positive signals circulated within the industry—SharpLink Gaming announced plans to better leverage Ethereum's potential, undoubtedly giving bullish investors a strong boost. Immediately afterward, a well-known trader holding large short positions faced losses, and the pressure to close these positions further pushed the price higher. Commentators also chimed in, with jokes about Ethereum's technicals and derivatives risks sparking investors' thoughts on whether the subsequent rally could be sustained.

By around 6:10 AM, Ethereum finally broke through the $3300 resistance level, igniting bullish enthusiasm, and the price quickly approached $3384. Throughout this process, market participants had to contend with macroeconomic data shocks, stay alert to regulatory developments, and follow positive industry news—highlighting the intense tug-of-war between bulls and bears.

Data from the platform reflected the market's extreme volatility: the total liquidation amount across the entire contract market reached $104 million, with Ethereum short liquidations accounting for as much as 41.8%, indicating that bears were under significant pressure during this rally. In just half an hour of fluctuation, the bullish forces dominated completely.