Looking at the recent trends of ETH, it can be summed up in one sentence: the low-level repair after the bottom sweep is complete, and we are now entering a critical stage of rebalancing between bulls and bears.

The previous round of decline directly swept to the low point of 2780-2850, completing the classic pattern of "sweeping liquidity + quick rebound." Now the price has returned above 3000, and the 4-hour chart has transitioned from a sharp decline to a fluctuating recovery rebound. However, from a trend perspective, a one-sided bullish trend has not yet formed.

From the momentum perspective, the RSI is somewhat dull at high levels, and the trading volume has not significantly increased. What does this indicate? The upward momentum mainly comes from short covering rather than new trend buyers entering the market.

The liquidation heatmap reveals some signals: the upper range of 3050-3080 is a confluence zone of strong bullish positions and short stop-losses, with ample liquidity. The lower range of 2980-2950 serves as a defense for long positions and a point for retracement support. The price is likely to first test around 3060, and whether it can stabilize there is crucial.

If a divergence occurs after the rise to 3050-3080 and the trading volume does not keep up, it will easily pull back after reaching a high and continue to fluctuate within the range. Conversely, if there is a strong volume and it can stabilize above 3080, then there is a possibility of reaching 3120-3150.

From a trading perspective: The cautious ones can consider going long on a pullback within the range of 2980-3000. For the aggressive ones, a short position can be considered in the range of 3060-3080, provided that there is no significant volume pushing past this level or if there are obvious upper shadows or false breakout signals. If the conditions are not met, do not force the trade; this kind of short strategy during small-level rebounds requires constant monitoring.