There is still quite a bit of long liquidity below ETH. If the market wants to liquidate, there is still a lot of liquidity that can be cleared...

Currently, the area with the most concentrated long liquidity is around $3500, while the area with the most concentrated short liquidity is at the previous high of $3950. So the logic is clear: either a new high or a local new low...

The last time I sold 30% of my spot at $3638, it has come full circle and returned to the starting point, but I still don't want to rush to buy it back;

From the perspective of market sentiment, it has indeed fully turned pessimistic in the short term, with the funding rate all dropping to nearly 0. However, after such a significant rise, a slight deep correction is also acceptable.

In short, as I said, considering the duration of the current fluctuations, there is far from enough time to digest this new supply and establish a new trend. So let's just let the market continue to fluctuate.

ETH has finally entered a boring phase; lately, it seems there is nothing much to do...