Why has ETH, which has been very strong recently, plummeted? 🚀
①: The ancient BTC whale sold a large amount at market price, causing panic emotions to spread as there were no counterparties, leading to a market crash.
②: Ethereum surged to new highs, and the low-priced chips at the bottom started to take profits in batches, with a large number of sell orders placed at new high positions to short, forming a strong selling pressure in the short term.
③: The bull market is too heavy, and frequent washouts are normal. Many retail investors FOMO'd in to chase the rise, only to be heavily cut by the market makers.
However, the possibility of continued sharp declines is basically nonexistent. Ethereum's spike in volume has stimulated buy orders, waiting for negative factors to be fully digested and the market to stabilize. You will see a brand new ETH, and after this washout, it will directly look towards above 5000.
