Currently, the most eye-catching market development is undoubtedly the $2 billion short position firmly holding the $2,000 level. This level is not only a psychological resistance but also a huge "time bomb."

Many friends are asking whether the bulls dare to break through this short position. My view is: they dare, but it requires favorable timing and conditions.

From the liquidation map, if ETH can volume-wise stabilize above $2,000, the accumulated shorts above will trigger a chain of stop-loss orders, and that kind of "short squeeze" could be very spectacular, with $2,200 or even higher possibly being quickly touched. This would be the biggest red envelope for the bulls in the Year of the Horse.

But the problem is, the current macro sentiment has not fully warmed up, and the "whales" seem to prefer to watch from the sidelines, leading to a deterioration in market depth. Therefore, instead of betting on a "violent rebound," it’s better to observe how it touches $2,000. If it rises with decreasing volume and hits this level, it’s likely a "trap"; only a strong volume breakout with a bullish candle passing through would be a signal for us to enter on the right side.