Ethereum's recent market situation is quite delicate. Bulls are desperately waiting for an opportunity to unwind their positions, while bears are eagerly watching for the moment to realize their gains. Essentially, it's a brutal fight—whoever's chips can't hold up first becomes the other's "nutrient."

Data shows that the extreme opposition has already dissipated. The previous extreme long-short ratio of 1060% is no longer visible, and now the nominal long-short ratio has suddenly dropped to 43.26%. More painfully, the number of large short positions (332) has surpassed the longs (161) by more than double, indicating a clear reversal.

But there's a paradox here—seemingly dominant shorts haven't actually had the last laugh. The average price for the 161 long whales is stuck at 3,131.62 USDT, and their $1 billion positions are now all floating losses. Meanwhile, the 332 large short whales have an average entry price of 3,070.64 USDT. Although they outnumber the longs, the current price of 3,120 is already above their cost basis, and they are also collectively floating in loss—on paper, a loss of up to $38.3 million.

This is the bizarre situation ETH is experiencing right now: **Longs and shorts are truly hurting each other**. The breakeven price for longs is above (3,131), while the profit-taking price for shorts is below (3,070). The price is awkwardly stuck in the middle (currently around 3,120.69).

From a technical perspective, after breaking below previous support, ETH is now oscillating around 3,100. It’s currently in a typical "deleveraging" and "rotation" phase. The key point is: if the price rises to 3,131, large long whales will immediately start to exit and reduce their positions; conversely, if it drops to 3,070, floating losses for shorts will turn into real profits, increasing selling pressure.

In other words, the oscillation between 3,070 and 3,131 is purely internal conflict—no one can escape. Traders trying to understand the next move should keep a close eye on the 3,070 level. This is not only the profit realization point for shorts but also the last psychological defense line for longs. Once this level is broken, the market will signal a new pricing direction.