The sudden fall of ETH in the early morning actually gave us quite a few clues. From the rebound strength around $2,962, there are indeed many things hidden in this range—active buying from long positions and stop loss orders from short positions are colliding here, with long positions gaining a slight upper hand in the end. On the technical side, the KDJ indicators on the 15-minute and 1-hour charts are currently in a low oversold state, and according to conventional trends, there should be an upward rebound to digest the divergence caused by the morning's decline.

However, it needs to be clarified here: this is a Rebound, not a reversal. From the perspective of the 4-hour and daily charts, the overall trend is still dominated by short positions. Therefore, the next approach is quite clear - wait for the Rebound to a certain height to short again, while also looking for opportunities to go long in the short term at support levels.

**The layout of secondary short positions**

If the price continues to rebound upwards, the ideal second entry point will be slightly lower than the first short positions. The first pressure zone to pay attention to is between $3,010 and $3,025, which happens to be the middle band of the 1-hour Bollinger Bands, historically a place where long and short positions are in a stalemate. Further up, the range of $3,040 to $3,055 is also worth noting—this is near the starting point before the drop in the early morning, which can easily lead to a second peak formation.

Once the price rebounds to around $3,025, if a clear upper shadow pattern appears, it is an ideal entry signal. The position size for opening a new position can be set to about half of the previous one to control risk exposure. The stop loss should be placed at $3,075—this is the bottom line, and once it breaks above the previous high, one must exit. As for taking profit, the target is still to look back at around $2,950, which is a dense area where long positions are concentrated and liquidated.

**Risks and Opportunities on Christmas Eve**

It is important to note that if ETH falls below $2,950, the consequences could be quite serious. Based on market structure, this could trigger liquidation of long positions worth approximately $850 million, at which point the decline may exhibit vertical downward characteristics, heading directly towards $2,880. Therefore, the $2,950 level is actually a critical defense line; failing to hold it could easily lead to a chain reaction.

From the calendar perspective, the market on Christmas Eve has always had its own temperament. This time window needs special attention, and the specific market trend will depend on the changes in market sentiment and funding conditions at that time. In short, the current strategy framework is as follows - re-establish short positions at high levels in line with the mid-term trend, while closely monitoring rebound opportunities in the support zone.