Recently, friends in the market-making circle have revealed that there are indeed a lot of buy orders piled up near the Ethereum trend line. Given the current market data, it is highly likely that it will move sideways, shake a bit, and form a long positions pattern. Alts are expected to rebound a little.

But that being said—this graphical structure looks more like bait for fishing. Market makers use this to attract whales and retail investors to enter the market, but it does not mean that the overall bearish trend has come to an end.

The macro perspective is still pessimistic. The AI bubble in the US stock market has burst, and the 1011 incident directly liquidated a large number of market-making institutions, with traditional funds wildly withdrawing from the crypto market. Without significant bullish stimuli, it's hard to see a real reversal.

It is said that large market makers are preparing for a new round of decline. What is the purpose? To break through those whales who are bottom-fishing on the trend line, forcing them to cut their losses and exit. Then, during the most desperate times in the market, slowly accumulate positions in preparation for the next explosive market.

I still hold a short position opened at the top, plus I bought Ethereum spot at 2990 dollars. If the price really rebounds later, I will first clear the spot and then add to the short positions. Personally, I anticipate the reversal time point around mid-2026, with the price possibly falling below 60,000.

For reference only, not investment advice.