Ethereum has been stuck at the hurdle of $2980 for three days. The pressure above is as heavy as a stone, while the support below remains unmoved, and the market data seems frozen. How many people in front of the screen are manipulating at this position? No one can count.

This situation is precisely a stage for professional funds to perform. It seems that the market is hesitating, but in reality, it is a fine psychological battle—both long and short sides are testing each other's bottom line, while the real main force has long been lurking in the shadows.

**The news is full of contradictions**

While Wall Street hypes the long-term value of Ethereum, it also throws out predictions like "short-term may test a bottom of $1800-2000." It sounds like a bearish stance, but in reality, it provides large funds with the best cover – justifiably waiting for a lower entry point.

But there is a detail worth noting here: in the past few days, the net inflow of Ethereum spot exceeded $86 million, and funds at the 8-hour level have also been continuously entering the market. This is not characteristic of retail investors. Smart money is using actual actions to deny those pessimistic comments. They are not bearish; they are just waiting for a sufficiently clear start signal—like a hunter crouching in the bushes, waiting for the moment when the prey comes within range.

**The macro disruption is more complicated**

The Federal Reserve's attitude has been fluctuating. Last week, it hinted at the possibility of rate cuts, but this week, it has come out to pour cold water by saying "moderate rate cuts." This uncertainty in policy has directly shattered the market's imagination of significant easing, and institutions are also hedging risks by reducing their holdings through ETFs.

So the current situation is: there is fundamental support, but macro expectations are suppressing it; funds are quietly positioning themselves, but market sentiment is still on the sidelines. In this tug-of-war, whoever can't hold on first will be knocked out.