Recently, Ethereum's price action has indeed been quite perplexing. Repeated tests around 3250, sometimes showing hope, other times plunging into volatility—many traders are asking the same question in the comments—should I buy the dip or pull out?

My view is straightforward: caution is advised in this rally; the bearish sentiment is clear. Let me briefly provide some context: ETH is struggling to hold steady at the 3250 level, seemingly finding liquidity support. But in reality? This looks more like a last gasp of a dying horse. The reason is simple—weakness.

From a larger timeframe perspective, both weekly and monthly opens appear weak and powerless. This is not a minor issue. Anyone familiar with technical analysis understands that the opening attitude of higher-level cycles directly reflects the true intentions of big funds. If the main players wanted to push the price up, the opening should have momentum, not the current back-and-forth.

What's more troublesome is the low point at 2970. ETH repeatedly tests this level, seemingly supported on the surface, but the underlying weakness is very evident. This kind of momentumless consolidation is highly likely to be broken through once a genuine uptrend appears. Honestly, breaking this low point is just a matter of time.

I've been watching the market for nearly 19 hours and summarized two key short-term scenarios.

Scenario 1: The 3220 level is a "trap for false breakout." If the price breaks this local high, don't get too excited. Such a breakout often attracts follow-up traders—once broken, it’s easy to be pulled back.

Scenario 2: If it really drops, be alert for fake breakouts and repeated tests. These are common tricks to shake out traders.

So, regardless, the risk of chasing longs now outweighs the potential reward. Watch the rhythm carefully and wait for clearer signals before taking action. Of course, everyone's risk tolerance is different, so always consider your own position and strategy—don't follow the crowd blindly.