Ethereum has dropped below 3100 again. Are your emotions also fluctuating with the price? Don't panic yet, today let's reveal some hot news. An on-chain major event just broke: that active swing trader has been making frequent moves during this decline, directly reducing Ethereum short positions worth $64 million, locking in profits in one go. This trading method is truly precise.

From the news, what does the whale's action reveal?

Although this big holder has reduced some of his positions, he hasn't exited completely. Currently, he still maintains a 3x leverage stance, continuing to short 8377 ETH. The unrealized profit on this position has already reached $150,000. In other words, his message is very clear: the downtrend may not be over yet, but it's wise to lock in the current gains first, and continue to gamble with the remaining.

This gives us a very direct signal — in the short term, Ethereum may rebound or oscillate within a certain range, but in the medium term, the selling pressure has not been fully released. Small retail investors need to be more flexible; stubbornly holding on is not a good strategy.

What does the technical analysis say? The 4-hour chart signals are all here:

Take a look at some key indicators on the 4-hour candlestick chart. The DEA of MACD (12,26,9) is at 23.60, and the MACD itself is at 39.14. Although the values are still in positive territory, the fast and slow lines have already formed a death cross at high levels and are starting to diverge downward, indicating weakening momentum. On the RSI (4,12,24), the three lines are at 31.53, 41.21, and 49.34, all below 50, entering the weak zone, though not yet at extreme oversold levels. The KDJ (9,3,3) has a K value of 48, D at 27, and J has fallen back to 7.01. The J value approaching 0 suggests that a short-term rebound is indeed possible.