Dear friends who are watching the market, recent行情确实让人有点坐不住。ETH这两天走出了经典的"双顶探针"形态，按常规技术面来说应该会有一波比较深的回撤。没想到跌到3280附近就直接止住了，反弹力度猛得像打了激素。现在价格在3350这个位置上下摇晃，多空两方都在这儿较劲。作为在这个市场混了好几年的交易员，今天就聊聊这背后到底是怎么回事，完全是个人的市场观察。

**Why is this round of correction so mild?**

The "double top probe" usually indicates weakening bullish momentum and a start of a bearish reversal, but ETH's decline this time didn't even reach 30 points, which suggests something's off. The bulls are resisting strongly, and the reasons are mainly a few:

First, leverage long positions are too concentrated. The market long-to-short ratio once reached 1.055, hitting a new high since October last year. This means a large amount of capital is waiting to buy at lower levels, and when shorts sell off, they are immediately absorbed. Second, institutional-level whales are secretly supporting the market. Data shows that some large holders have recently staked nearly $4 billion worth of ETH, clearly indicating a long-term bullish stance. Once these large funds are locked in, the circulating supply available for selling naturally decreases. Third, on-chain chips are consolidating. Exchange ETH reserves are continuously decreasing, and large holders prefer to hold rather than withdraw and sell, which suppresses selling pressure.

So don’t be scared by the candlestick patterns; the bulls still have plenty of firepower, and the correction appears quite mild.

**Why is 3350 a strategic key level?**

This price level is not just an ordinary resistance line but a gathering point for historical trapped and profit-taking orders. From a technical perspective, the range from 3350 to 3380 is filled with EMA lines, forming a dense area of selling pressure. Every time the price reaches this zone, longs tend to face a retracement, which is normal. But the issue is that the support levels below this position are numerous, and although the selling pressure above is dense, it’s not deep enough. As long as the bulls can hold this territory, there’s a chance to push higher.