#Gate广场圣诞送温暖

Today's ETH market movement is quite interesting, so let me get straight to the point! I've looked at the data, and let's have a direct chat—will ETH surge to 3150 or drop to 2860? Should retail investors follow the trend?
First the big news: The old major player has been secretly stocking up!
A whale that has dealt with the Ethereum Foundation just bought 7,318 ETH at an average price of $3,016, spending over 22 million USD! This big player sold 12,000 ETH at the peak in August and is now buying back at a low price, clearly engaging in swing trading (selling high and buying low). This is a double-edged sword for the market - the big player entering is a positive sign, but he could dump and run at any time, and the short-term price could be a rollercoaster!
What does the technical analysis say?
Looking at the 1-hour level, ETH is indeed rising, and the MACD also shows that the bulls are dominant, with volume increasing as well. But don't get too excited—there are two major resistance levels above at 3150 and 3200, and 3500-3600 is an even longer-term pressure zone. The key support below is at 3029; if it breaks, watch for 2860, and in the worst-case scenario, a pullback to 2700.
The key point is: there is significant selling pressure now, and the order ratio is negative! If it doesn't have volume when it breaks 3150, it is likely a false breakout, followed by a pullback. Don't just go all in when you hear about a rise!
In my personal view:
Tonight it is very likely to surge to 3150 first, but if there is no large capital following, it could fall back at any time. The most important thing to be wary of is — retail investors are chasing highs now, and they might get buried by the whales' sell-off tomorrow!