Just finished reviewing the on-chain data, and I can't sit still – multiple Whale accounts have appeared on a certain trading platform engaging in "death spiral" with ETH, with the most outrageous single unrealized loss exceeding 21 million USD. Even stranger, the hourly Candlestick has already broken through the support level, but the MACD is brewing a golden cross pattern at the bottom... Is this wave a bull trap or is there really a buy the dip opportunity?

**First, let's see how the Whale plays.**
Last night, an account was liquidated for 1.25 million USD, almost getting wiped out. As a result, today they quickly deposited funds to increase their position - this operation is either based on some kind of signal or purely a gambler's mentality.

Another outrageous "star bull", with an average ETH position price of 3201, is now facing unrealized losses that have skyrocketed to 217%. Normally, he should have stopped out by now, but he stubbornly continues to hold on, and he is the largest bull position holder on the platform. If this big player really can't hold on and has to cut losses, could it trigger a chain reaction of liquidations?

But here comes the interesting part – there is a major short position on ZEC that is taking profits in batches, having realized over 15 million in a week. The long and short sides are experiencing vastly different conditions, and the market's sensitivity to funds is sharper than we imagine.

**The technical aspect hides two critical lines**
Staring at the one-hour chart for a long time, I found two key price levels:
- **2900**: Intraday rebound resistance level, the first test for short-term bulls.
- **3000**: Moving average retracement pressure + Whale liquidation concentration area, breaking through here is considered a true trend reversal.

The current question is: With the Whale suffering such losses and still adding to their positions, are they buying the dip or catching a falling knife? When retail investors follow in at this time, are they picking up bargains or becoming cannon fodder? Technical indicators are starting to turn, but market sentiment has not fully recovered...