Quick update on $ETH for everyone to keep informed!
After the recent sell-off, panic has spread, and many rushed to conclude that 'everything is over.' However, in reality, the price action is moving in a completely different direction than what the crowd fears.
There is selling pressure, even quite intense, but the notable point lies in the market's reaction. At lower price levels, ETH shows relatively good defensive capability, with demand appearing clearly enough to prevent a further uncontrolled decline.
Currently, the price is being compressed within a narrow range. This is often a familiar state before the market makes a significant move. The market tends to surprise with chaos first, then gradually calms down, causing many to become impatient or complacent.
The expansion of the range is gradually forming, and the upcoming breakout direction will be decisive. It will show who has enough discipline to stay in the game and who will be eliminated.
For me, this is not the time to rush to conclusions. I choose to be patient, stand aside to observe, and wait for the market to provide the next answer.
#ETH
