Recently, many people have been asking me if ETH is about to reverse?

I took a look at the market and will simply share my thoughts. Don't take it as a conclusion, just as an exchange of ideas.

From the high point of 4794, it has followed a relatively standard downtrend, breaking key levels consecutively before probing a low around 4060. That wave of selling was quite intense, but the volume has gradually shrunk since then, and the bearish sentiment has mostly been released.

Now returning to around 4200, the position is actually quite delicate. The resistance above is roughly in the 4400~4500 range, while the support below is around 4000. In the recent days' performance, we can see that the short-term moving averages are turning upwards, but the price is fluctuating near the moving averages, indicating that capital hasn't fully expressed itself; it hasn't strengthened or weakened, just a sort of grinding market.

My experience is that during such times, there's no need to rush. From a broader perspective, ETH indeed has the opportunity to build a bottom around here before attempting to challenge the previous highs. However, there are risks as well; if 4000 is lost again, we might need to explore support around 3800~3700.

So in the short term, I will focus on the 4200~4300 range. If it can hold, then there is still potential for a rebound; conversely, if it breaks down, we need to be cautious of a potential acceleration downwards.

That's how the market is; there's never an "absolute". Many times, the real opportunities come not from predictions but from patiently waiting.

My personal view is to follow with a light position and keep some patience. After all, in this market, no one can say for sure whether the pullback has ended or if it's a continuation of the downtrend.