Today, Ethereum's price action has shown a dangerous signal.

On the surface, it looks strong, but if you carefully analyze the market data, you'll find significant problems.

The core anomaly is just one thing: the price is moving up, but trading volume is shrinking. This is a classic case of price-volume divergence.

The last time ETH experienced this kind of structural divergence, the main players dumped the price by 15%, trapping a large number of buyers at the top. Now, this signal has appeared again.

**Why do I say ETH's rise is “fake” right now?**

ETH's numbers on paper do look impressive: a 24-hour gain of over 8%, rallying from $2,780 all the way above $3,040. At first glance, the candlestick chart looks like the start of a major upward move.

But the key issue is—trading volume hasn't kept up.

Looking at the 15-minute chart: the price hit $3,120, but trading volume shrank by 10%-18% compared to the previous candle.

On the 1-hour chart: the candlestick broke through $3,040, but trading volume was cut in half compared to the previous high.

This isn't bulls gaining strength—it's bulls bluffing.

What does real bullish strength look like?

The answer is simple: the higher the price goes, the greater the volume; the greater the volume, the more unstoppable the momentum; the more unstoppable the momentum, the more confident the big players are to keep pushing the price up.

But ETH's current state is: the higher the price goes, the lower the volume; the lower the volume, the higher the risk; the higher the risk, the more likely it is that the main players will reverse and dump.

**There are only two price levels you really need to watch: 3120 and 3170**

All major volatility will revolve around these two points.

$3,120: This is the bull trap level, specifically used to create fake breakouts. As long as ETH can't hold above $3,120, any upward move is just giving retail investors the illusion that “there's still room to rise.”