Just brewed a cup of tea.

A friend rushes in, face flushed, looking anxious.

"Ethereum has stabilized at 3300! This wave will definitely break 3500, I want to go all in!"

I didn’t respond immediately, just pointed at the teacup, signaling him to sit down and calm down.

"Are you rushing to throw money in?"

He’s unconvinced, pulls out his phone to show me various signal groups. The screen is full of slogans like "FOMO" and "To The Moon."

I smiled.

Whenever the market sentiment reaches a peak, it’s often the time when the collective herd rushes in. That’s the market’s magic.

Let’s take a look at the current chart.

Ethereum is now hovering around 3320. What do you call this position? Let’s use a vivid term — **"Hanged Man" position**.

There’s resistance at 3400 above and support at 3260 below, like being suspended in mid-air, caught between two pressures.

Now, if you rush in to go long, how should you set your stop-loss?

Place it at 3300? As soon as the price jitters slightly, your order will get triggered. Place it at 3200? With such risk-reward ratio, it’s better to gamble on size. The ratio is simply not worth it.

**From a technical perspective:**

On the larger timeframe, the overall upward trend still exists, but MACD has already formed a death cross at high levels, and the green bars are almost gone. It’s like a long-distance runner reaching a certain stage, heart pounding, needing to stop and catch their breath — the body is sending warning signals.

On the smaller timeframe, it’s even more interesting. The main force is repeatedly testing around 3350, a tactic called "诱多" (lure more buyers). On the surface, it looks like a breakout to new highs, but in reality, it’s testing how many people are willing to buy at high levels.

From the Wyckoff theory perspective, this is a "consolidation testing period." What’s the key signal? Extremely shrinking volume, no signs of the main force increasing volume to push higher again. This indicates that big funds are silently observing, some even quietly preparing to distribute.

I told my friend frankly:

In this industry, those who last long aren’t the bravest, but those who know how to "pick and choose." Right now, this piece of meat is toxic.

Want to eat? Then wait. Wait for what?

**Wait for volume to break out.** Wait for trading volume to be re-released, accompanied by a genuine breakout above 3400, then it’s not too late to chase.

**Wait for pattern confirmation.** Right now, it’s still testing repeatedly, with no clear direction. Don’t fight uncertain markets.

**Wait for sentiment to cool down.** Now, everyone is bullish everywhere, which is not a good sign. The real buying opportunities often appear when the market is pessimistic.

Many people lose money not because they know too little, but because they can’t wait. Always trying to jump in before others, only to end up as the last bag-holder.

In crypto trading, the core isn’t about making the last dollar, but about surviving longer. A wave’s profit isn’t worth as much as a single liquidation event.

Ethereum will have opportunities, but not now. Now is the stage for observation, preparation, and adjusting your mindset. Until the next confirmed support or breakout signal appears, let this "Hanged Man" position hang there.