Recently, I noticed that a certain trading expert went heavy long on ETH around 2965, and the market movement has indeed been quite dramatic—a surge first wiped out high-leverage longs, followed by a V-shaped reversal. On the Bitcoin side, a bullish engulfing pattern also emerged, a classic signal of bears being overtaken.

What’s most frustrating about this kind of movement? The price might still be hovering around the same level, but your positions have already been wiped out back and forth. With this recent pattern of repeated shakeouts, it feels like the intention is to force all retail investors out of their positions.

From a technical perspective, if ETH can firmly break and hold above the key 3070 level, the next target is likely to test the resistance area near 3250. December could really see a decent rally, but only if you can survive this round of shakeouts without getting thrown off the ride.