ETH’s surge from last night continued into today, shooting straight up to 3084, but now it’s turning back down. Is this a reversal signal, or are the whales just fishing? How should retail investors respond tonight? Let’s break it down.

Some interesting things happened on-chain—a big whale sold 1,900 ETH at a local high of $4,574 this afternoon, then just now bought back 2,017 ETH at an average price of 3,061. Looks like a smart move at first glance, right? But check the current price: 3,055, only a few bucks away from his buy-in. Basically, all that effort for nothing, maybe even a slight loss. Is this whale really bullish on the future, or just panic-averaging down after getting stuck? Worth thinking about.
On the technical side, the 1-hour chart is trending upward overall, but there are plenty of resistance levels overhead. The current price is only about 100 points away from the key resistance at 3,150, and there’s an even tougher one at 3,250.69. On the downside, 2,960-3,010 is the buffer zone for pullbacks, 2,860 is target support, and 2,720 is the “last line of defense.” The upper and lower boundaries are pretty clear.
Looking at the MACD, the white and yellow lines just made a golden cross below the zero line. The volume indicates there’s some short-term buying power, but since it’s still hovering below zero, the weak trend hasn’t fully disappeared. Judging by volume bars and candlesticks, trading volume has increased, but the overbought zone is flashing—so it might need a breather in the short term.
A golden cross is like stepping on the gas, but whether it can break through the 3,150 toll gate is another question.