I wake up in the morning to see ETH has risen again, and the 4-hour candlestick chart is looking quite fierce. The two lines of the MACD have long been firmly above the zero line, clearly indicating that the bulls are in control.

The upward trend is real, but the question is: will it continue straight to 3400 or even 3450, or will it suddenly reverse and drop back to 3250? This is probably the doubt in many people's minds right now.

**From a capital perspective, the waters are deeper**

There is a very active big player in the crypto circle who, early yesterday morning, made two consecutive moves, adding a total of 3007 ETH into the long position. This is not small-scale trading; it’s a deliberate effort to raise their average price from 3329 to 3332, a typical "short squeeze" type of position increase.

What’s more noteworthy is that this big player’s total holdings have now expanded to $53.26 million. It might sound intimidating, but their liquidation line is far below at 3090. What does this mean? It indicates that they hold a substantial amount of chips, with enough safety buffer to withstand volatility. A large fund willing to increase their position so aggressively and hold such a big position clearly has a goal beyond just a few hundred dollars of short-term gains.

**The logic behind this**

This big player is voting with real money: optimistic about the future market and unafraid of fluctuations along the way. This is a classic move by seasoned traders in a trend—snowballing all the way. Retail investors can observe and learn from this, but understanding their true intentions is key, rather than blindly following the trend and making reckless moves.

Technical analysis combined with capital flow signals makes the outlook relatively clear. However, specific actions should still be based on your own risk tolerance.