Reviewing the sharp market decline after Trump's son called for more Ethereum
After Trump's son called for more Ethereum, a precise slaughter targeting retail investors officially began. The market started the first round of sell-off at $3,800, briefly rebounding to lure in buyers, only for the bears to strike again.
On the evening of February 4, a bloody plunge was staged in the market, with the price of Ethereum plummeting from $2,900 to $2,100 in a straight line, causing over 70% of retail investors in the market to fall into despair. However, the bears did not relent; after a brief rebound to $2,600, the second round of selling followed, with prices breaking through the $1,800 mark. At this point, market buying power was nearly exhausted, and the vast majority of retail investors were forced to cut their losses and exit.
Even so, the bears' targets were far from over. The price continued to plunge from $1,800 to $1,350, accompanied by several instances of sharp price manipulation aimed at forcing early major holders to relinquish their shares. The entire slaughter lasted nearly six months, and what is even more shocking is that during this time, Bitcoin remained almost stagnant, while Ethereum experienced an independent decline, marking an extremely bloody and brutal capital hunt.
Looking at the current situation, after experiencing the 1011 market, the market depth, sell-off costs, and institutional endorsements are far below the previous round of Ethereum trading. More critically, both Bitcoin and Ethereum are currently piled up with a large amount of profit-taking that urgently needs to be cleared. How the market will unfold next is worth watching for all investors. $ETH
