Hey everyone, looking at the ETH situation over the past few months really brings a flood of emotions! That golden price line over there is like a winding mountain road, unexpectedly going up and down.
At the beginning of October, a true "bridge jump" occurred, with ETH prices plummeting uncontrollably. Looking at the long red column on the OI-Weighted chart, that was a terrible liquidation, with so many long orders disappearing dramatically. The price dropped from over 3k5 straight down to below 3k, it was almost "over" for everyone.
After that dip, it seemed like a recovery, ETH also tried to crawl up a bit around 3k8. But then it gradually faded, continuing to search for a new bottom. The stable price range from mid-October was broken. By the end of November and the beginning of December, the price continued to drop, hovering around the 3k range.
And here, in mid-December, you see, ETH is testing the support level around 2k8 - 3k again, just like the bottom area after the crash in October. OI-Weighted is mostly green, indicating that buyers are still maintaining, but the sporadic red flashes are enough to make everyone cautious.
In this phase, if ETH can hold the mark of 2k8 - 3k, there’s still a chance to bounce back. But if it breaks through this bottom once again, it will be really exhausting! Be careful to set your stop loss, don’t let history repeat itself! Those who are "holding bags" should stay calm and observe, while those who want to enter should wait for clearer signals before "investing"! This market still has many surprises!
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