A lot of people will probably be glued to the charts all night tonight! Ethereum surged straight from the bottom to above 3000 in one go. Shorts are either deeply trapped or completely wiped out—only those who’ve experienced it truly understand that feeling.

**Let’s look at the news first**

It’s been buzzing in the space lately: BlackRock’s ETH ETF is aggressively accumulating, Trump says he wants to replace the Fed chair, QT announced its end… Sounds exciting, right? But let’s be calm—these are still just expectations; whether they actually materialize remains to be seen. Bull markets often start in pessimism and end in euphoria. With this current atmosphere, is it maybe a bit too much?

**Now, the technical side**

On the hourly chart, the MACD lines are running steadily above the zero axis, looking strong. But don’t forget—golden crosses can quickly turn into death crosses! Both RSI and MFI have entered overbought territory, meaning the price has risen too quickly in the short term and a pullback could happen at any time.

Where does Ethereum go next? Will it keep pushing up past 3100 and even higher? Or will it turn down to test 2950, or even more sharply pull back to 2820? What most people care about is whether those who bought the dip at 2820 can hold, and whether the 2950 support will hold up.

My personal view: in the short term, it’s most likely to fluctuate at high levels in the 3010-3100 range. If it holds above 3100, there’s potential for another push; if it breaks below 2950, the next major support is at 2820.

**If you opened a short near 2820, what should you do?**

- Don’t blindly add to your position; the more you average down before the trend is clear, the worse it gets
- If there’s a rebound towards 3100, consider partially closing or hedging your position to secure your principal
- If it drops back below 2950, focus on whether it breaks 2820—if it does, you still have a chance to recover; if it holds, be prepared for a long-term struggle

I still lean bullish on the overall trend, but there will definitely be pullbacks along the way. Trading relies on price action, not guessing. Are you currently long or short? How’s your position looking?