Ethereum just saw its 2nd largest daily sell-side imbalance ever — over $418M net taker volume, meaning ~116K more $ETH sold than bought. Historically, this kind of pressure marked local tops. 🧯

But here’s the twist — ETH is holding the $3,643 level like a champ. Buyers are still showing up. 👀

Technically, ETH just broke down from a textbook cup & handle pattern — failing to reclaim $3,950. Now consolidating in a descending channel, with RSI at 57, signaling neutral momentum.

⚠️ Bulls must reclaim $3,950 soon — or risk invalidating the bullish structure and sliding toward deeper support.

On-chain, things aren’t as bearish:

📈 New Addresses up +30%

🟢 Active Addresses up +3%

💎 Long-term holders still sitting on solid unrealized gains (MVRV diff >12.36%)

So… is this a trapdoor or a launchpad?

🧠 My take: ETH is not done yet. The fundamentals are flexing under the surface. As long as activity holds & LTHs stay calm, a retest of $3,950 isn’t off the table.

Next 48–72h will show if bulls are ready to flip the switch. Stay sharp.