Recently, people keep asking me: Is #ETH 's second pancake about to reverse?

I took a look at the market myself, so I'll casually share my thoughts, but don't take it as a conclusion.

From the previous high of 4794, it has dropped all the way down to 4060, which was quite severe and basically crushed the bearish sentiment. Now it's back around 4200, and to be honest, this position is quite awkward.

There seems to be resistance around 4400~4500 above, and support near 4000 below. The recent price action has been quite frustrating: the moving averages have turned upward, but the price is just oscillating around that area as if no one has made a firm decision.

In my personal experience, during such times, it's best not to be too anxious. From a broader perspective, ETH has a chance to form a bottom around here and then push upwards. But there are risks as well; if 4000 cannot hold, it might test 3800~3700 downward.

So, the key levels I'm watching are the range of 4200~4300. If it can hold steady, there is still rebound potential; if it can't withstand it, we might have to take another hit.

That's how the market works; no one can say for sure. Many times, opportunities are not about guessing, but about patiently waiting for them to materialize.

My thinking is quite simple: keep a light position and have some patience. After all, with the current market, no one can confidently say we've definitely hit the bottom.