Lately I’ve been watching ETH’s price action and noticed an interesting phenomenon. It seems like those big funds in the market have gotten stuck in something. I looked at on-chain data: these whales’ positions have an average cost basis around 2300+, and the current price is only 2290+. The whole market is tightly bagholding—firmly trapped.

The shorts aren’t doing any better either. Bulls and bears are both locked in the breakeven line, fighting it out, and this kind of situation is actually the easiest to grind retail investors into pieces. When whales are trapped and retail traders get shaken out, nobody is getting a comfortable ride. I decided not to follow the chaos. Instead, I’m lying in wait at two key levels: one is the bottom around 2085, and the other is the resistance at around 2295.

If the whales can’t hold and they get liquidated, then that lower level might trigger a cascade. I’ll be there to catch a move. Conversely, if it rebounds back up to that upper level, the sell pressure will definitely be heavy, and I’ll be there to watch and short. This kind of market is all about patience—don’t surge in recklessly. Wait until the signal appears, then act.

I’m using a slightly higher leverage, but the opening position size is small, so the risk is locked in. Anyway, at this point, the whales are digging a pit, and if retail traders rush in, they’re basically jumping right into it themselves. I’d rather do nothing than get ground up by this round of price action.