Recently, the Ethereum market has experienced ups and downs, with a battle between whales and the market's bulls and bears unfolding.

**On-Chain Anomalies Kick Off**

Late at night, a large holder quietly made a move, quickly acquiring 2,900 ETH, with nearly $9.3 million in funds pouring into the market. This action directly pushed ETH's price to reach a key level of $3,216. Subsequently, the whale transferred the 2,900 ETH to a major exchange, while their account still holds a position of 20,081 ETH. Such concentrated holdings at this scale naturally raise speculation about whether there is a carefully planned manipulation behind the scenes.

**Three Key Levels in Price Battles**

From a technical perspective, the current oscillation pattern revolves around three critical levels:

- $3,076 serves as a strong support level, with on-chain data showing mysterious buy orders continuously underpinning it.
- Upward, $3,171 has become the focal point of bulls and bears fighting for control, with the price facing three rejections at this level but failing to break through effectively.
- Further above is $3,262, which acts as a resistance level for further upward movement.

It is noteworthy that after the price surged to $3,216, it entered a narrow range of oscillation, with three attempts to break above failing near the $3,250 mark. However, this also reveals a genuine market signal—the selling pressure from bears at this level is gradually weakening, with signs of retreat becoming apparent. This creates an interesting contrast with the surface-level oscillation trend.

**Micro Signals of Bulls and Bears Intertwined**

The current order ratio indicator shows +0.30%, indicating that main capital is quietly accumulating. Most retail investors are waiting patiently for a buy-in opportunity at the $3,171 level, but the main players might have a completely different plan—they could be preparing to go against the trend, suddenly pushing the price up sharply to blow out short positions.

This is a typical precursor to the "three attempts fail, then a breakout" pattern. Three failed attempts to break $3,250 while holding firm at $3,171 often signal that a directional move is about to start.

**Critical Decision Point**

The market is at a crossroads. From a conservative trading perspective, one might consider a light long position—if the price falls below $3,171, a prompt stop-loss is necessary; if it breaks through $3,262, traders could add to their positions, targeting the psychological level of $3,300.

Regardless, the outcome of this bulls and bears battle hinges on whether the upcoming breakout can be effectively achieved. The true intentions of whales, the steadfastness and retreat of bears, and retail traders' choices—all factors converge at these key levels.