ETH 3200: Is it a golden pit or a crematorium?

The rain outside the window is pouring heavily, just like today's market situation. 🌧

I just glanced at the group, full of lamentations everywhere.

Some are cursing, others are posting liquidation charts.

Old Li next door sent me a voice message: "Old Bao, $ETH 3400 got smashed down, this knife is stuck too deep. Can I go all-in at 3200 to bottom fish?"

I blew some foam, took a sip of tea, and replied:
"The knife just fell, still trembling. Why are you rushing to pull it out?"
From the market chart (especially the 15-minute chart), this is indeed a typical panic sell-off.

Massive sell-off indicates both panic selling and quiet accumulation by others.

This is the cruel nature of trading: calling each other idiots, providing liquidity for each other.

But I still have to pour cold water: a sharp drop doesn't mean it will rise immediately.

The current 3200 is like a knocked-out boxer, still standing but legs are weak.

The bullish structure has been broken, and restoring it will take time, even requiring a "second bottom" to confirm.

My view is straightforward:
Don't panic blindly: those selling now are likely to sell at the bottom. Oversold conditions will rebound—that's a physical law.

Don't be blindly greedy: a rebound is not a reversal. The 3300-3350 zone above is full of trapped orders, a "ghost gate" set by the main players.

My strategy today is simple, only six words: defend, rebound, hunt.

🔥 Aggressive (short-term bullish):
If you're itching, it's okay to try a short-term rebound around 3150-3160.
Just grab a quick profit and run. Remember: it's a grab, not holding.
Stop-loss should be at 3130; if broken, decisively exit.

🛡️ Conservative (trend bearish):
I will wait.
Wait until it rebounds to around 3255-3270. When the bulls think they are back in control, that’s my entry point for shorting. Break through $3310 to stop-loss exit, target 3200-3150( testing lower support)
In this market, those who last long are never the fastest runners, but the most patient.

Do you want to be the hero of one minute, or the winner who laughs last? Tell me in the comments. 👇