Small retail investors with limited funds are most frustrated by this kind of situation — they have no capital but have to watch the market, which is really tough.

Let's first look at ETH's current situation. The price is stuck at 2948, and honestly, this is a pretty uncomfortable position. Looking upward, how strong is the bullish pressure? The average cost for the bulls around 3026 is currently at a loss; they are eager to see the price rise above 3000 to quickly sell and cut losses. This means that as soon as the market approaches 3000, sell orders will pour in like rain, creating selling pressure that can make people feel suffocated.

Looking downward, the bears are not in a much better position. Their average cost is at 2883, and they are currently in floating profit. These traders also understand the situation well — if the market really drops, they might have to consider taking profits, only to buy back later. So, the 2880 to 2900 range has become a defensive line, with buyers waiting below.

What data best illustrates the situation? The recent 30-minute open interest data: 118 new short positions opened, while only 59 new long positions. In terms of trading volume, there are slightly more sell orders than buy orders. Putting these details together, we can see what the current market sentiment is.

So, where is the key level? The pressure above is clear — between 3000 and 3026, which is where the bulls' average cost is concentrated and the most difficult to break through. The support below is at 2880 to 2900, where bears hold some chips, and usually, there are buyers ready to step in if the price falls to this level.

In the short term, the market is likely to fluctuate within the 2880 to 3020 range. If it rises above 3000, don’t rush to chase because there are too many sell orders there. Conversely, if it drops below 2900, don’t panic too much because there are buyers waiting.

But what if it really breaks through the 3026 line? Then the bears might panic and close their positions, potentially pushing the price above 3100. If it breaks below 2880 in the opposite direction, it might continue downward, with 2800 being a noteworthy support level.

In summary, both bulls and bears are currently stalemated. The bulls are trapped, and the upward pressure is very strong. The short-term trend leans slightly toward the downside. The key will be whether the price can hold above 3026 or if it breaks below 2880. Whichever happens, the market situation will become clearer.