Will Ethereum make a dramatic comeback at this position?

In the past 24 hours, the market witnessed $210 million in long positions evaporate. Those long positions that were overly leveraged and had unstable mindsets have exited, and the selling pressure has been fully released. The market now feels much lighter, which actually leaves room for the subsequent trend.

The key is at the price level of 2884—where there are stop-loss orders for short positions worth 1.43 billion USD. Imagine what will happen when the price approaches this area? Shorts must buy to cover their positions to control losses, and this passive buying could trigger a chain reaction, advancing like a domino effect.

There is a detail worth noting on the technical side: ETH has tested around 2718 twice and held firm. This position shows considerable support and can be seen as a reference for a temporary bottom. The current price is hovering around 2750, with about a hundred points of space until the dense stop-loss area above, which from a risk-reward perspective is not too late.

Consider gradually building a position in the 2790-2800 range. If it pulls back to 2760, that would be a lower-risk entry opportunity. However, it must be made clear: this is not a guaranteed trade, the market is always full of uncertainties.

Risk control settings suggest placing the stop loss at 2690. If the price falls below this level, it indicates that the judgment may be wrong, and it’s better to exit rather than stubbornly stick with the market. After all, preserving capital is more important than proving oneself right.

Look up at two targets: first is 2850, breaking through here can essentially confirm a short-term trend reversal; the real explosion point is at 2920, where it will trigger the large-scale short stop-loss mentioned earlier, and at that time, the short squeeze could push the price to a higher position.

The market has just experienced significant fluctuations, and the current position may be a time for repositioning. However, remember that any strategy is built on a strict stop-loss foundation.