The big whale's move is quite interesting. A certain wallet completed a large rebalancing operation within 7 hours, converting all 14,145.93 ETH into 492.16 BTC, with a total value of $44.195 million. The data details are quite meticulous—this batch of BTC has an average cost basis of $89,796.47, with an unrealized profit of $213,000. Currently, the ETH originated entirely from funds received by this wallet from three different addresses over the past two weeks. These addresses were all established back in early 2022, with an entry price of about $2,916. At the time of the rebalancing, ETH was priced at $3,125.68, meaning this ETH has already yielded significant profits since its acquisition. But the whale's decision to shift chips from Ethereum to Bitcoin now is worth pondering—are they optimistic about BTC's short-term performance, or are they adjusting their asset allocation? The subtle shifts in market sentiment are sometimes reflected in such large-scale rebalancing actions.

Is this wave of Ethereum's movement really not a breakout yet? Looking at the upward momentum, approaching 3600 is the level we need to hold. Here's a practical question—are everyone’s positions below 2920 being protected properly? You need to think clearly about where your risk margin actually lies within this wave of gains.

Has the recent Ethereum market looked quite "comfortable"? There are resistance levels above, support levels below, and clear boundaries for volatility—feeling like any operation could be profitable? Hold on, don’t be fooled by this illusion. After years in the crypto market, I’ve seen too many people get liquidated instantly in seemingly safe sideways markets. Now, the key signals are becoming more and more obvious: a misstep can easily trigger a stop-loss in this environment. Let’s start by analyzing the market structure. From the daily chart, Ethereum is a typical "consolidation with oscillation"—using time to accumulate upward momentum. I’ve compiled the recent 20 days of trading volume and open interest data and found an interesting pattern: every time the price hits the support below, trading volume suddenly spikes, clearly indicating big funds ambushing for a bottom; but once it rebounds to the resistance above, volume immediately shrinks, showing strong selling pressure and that the bulls’ strength isn’t enough for a breakout. This creates the current stalemate. There are spot buy orders supporting the price below, so a sharp drop is unlikely; but the lack of upward momentum above makes a direct rally difficult. Many traders see this pattern and start to act recklessly—some chase longs aggressively at resistance, others chase shorts at support—this is the first trap, I call it the "Oscillation Trap of chasing highs and lows." The essence of a sideways market is "buy low and sell high," not blindly chasing the trend. If you go against the rhythm, no matter how much capital you have, you’ll get repeatedly cut. The second trap is even harder to spot: you think you see the support and resistance clearly, but in reality, these key levels can be broken at any moment by big funds—this is something I must remind everyone.