Recently, there have been interesting changes in the order book structure of Ethereum, with the buying side quietly gaining strength. ETH is currently testing the $3,090–$3,110 range repeatedly. Behind the seemingly calm fluctuations, there are actually many trading opportunities.

From a depth perspective, the price zone of $3,300–$3,350 has accumulated a considerable amount of dense sell orders, mostly from early entrants who are trapped or chasing higher. Once the price can effectively break through this area, a true short squeeze will be triggered—shorts will be forced to cut losses, leading to a chain reaction of rebounds. The support below is equally formidable, with solid buy orders clustered around $3,000–$3,050, making it difficult to break in the short term.

More importantly, Delta data indicates that the market is in a neutral to slightly bullish state. Unlike the explosive buying seen in BTC, Ethereum's bullish momentum is gradually but steadily accumulating, which means selling pressure has not formed an overwhelming advantage. Coupled with the Ethereum ecosystem itself—L2 scaling, staking, DeFi applications—all provide fundamental support for the price, making it relatively costly for shorts to maintain their positions.

From a daily chart perspective, as long as the $3,050 level holds, Ethereum has the confidence to follow Bitcoin's upward move. Once it breaks through $3,300, the next target zone is $3,500–$3,900, or even higher. The risk of shorting at this point is extremely asymmetric, and those chasing the short will often pay a heavier price.