#数字资产动态追踪 ETH Bulls and bears are deadlocked: Why are 747 short whales still holding onto 3128?

Market tug-of-war has led to a stronger-than-expected rebound in ETH this round. Data on smart money holdings shows that the number of short whales has reached 747, completely surpassing the number of long whales. More painfully, these big players have been pushed up to 3128, with unrealized losses on paper already reaching around $120 million.

But they refuse to give up. The high-level short positions are still holding tightly, clearly showing an attitude: I must bring down this rebound. Behind this "hard stance," it could be a firm bearish outlook on the support below, or it could be that the costs are too high, forcing them to hold on.

Structurally, the current long-to-short ratio is only 30.8%, severely imbalanced to the point of distortion. The funding rate remains slightly negative, meaning shorts are almost earning passively—they can collect a bit of funding subsidy each cycle. In such an environment, shorts are becoming more patient and waiting.

The liquidation distribution chart is quite telling. The area around 3150 above is full of short positions, a minefield that triggers liquidations once breached. Below, 2900 has become the long traders' graveyard. Both sides are stuck in this narrow range, fighting each other, unable to move.

Honestly, there are two possible directions for this market: either this is the final rally of the bulls, after which momentum will fade; or the bears are accumulating strength, waiting for the right volume to strike. The key depends on whether trading volume can keep pace with the price movement. A weak-volume rebound is often the easiest to knock back down.

In the short term, this situation is a "standoff"—whoever breaks first will pay the price. Participants, there's no need to rush into heavy positions; it's more prudent to observe clearly before acting.

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