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- Characters Introduced: None
- Locations Introduced: None
- Techniques Introduced: None
- Mentioned Boxers: None
- Title Page Character(s): Makunouchi Ippo, Sendou Takeshi, Nekota Ginpachi
The third round just shows more of the punishment Sendou delivered in the previous being blocked by Ippo who is drowning in fear. The audience begins to wonder why he does not fight back, and Kamogawa begs him to survive the round and come back for advise. With Ippo cornered and barely blocking punches, Sendou is disappointed as he has waited almost two years for the rematch. Deciding to finish the fight, the champion initiates the motion for his iconic smash. However, after looking at Ippo's eyes, Sendou backs away and the referee marks the end of the round.
Back in his corner, Sendou is asked by Yanaoka why he did not finish the fight, but Sendou says to himself that he thought he saw an incoming punch that was never launched.
Meanwhile in his corner, Ippo realizes that he still has what he learned from the training camp, and intends to use it in the fourth round. Seeing the look in his eyes and recognizing that it was that look that made Sendou back up, Kamogawa decides he no longer needs to slap him, as he is now ready to overcome the fear and keep fighting.