Panda Traders

Everyone is blaming the Ethereum Foundation staff cuts, but honestly the chart was already screaming weakness before this news came.
Reports are saying Ethereum Foundation cut around 54 jobs, almost 20% of staff, and some senior people also left. This is why panic entered the market and ETH dropped hard.
But listen carefully.
The layoffs are the headline.The chart is the real danger.
ETH is still trading below the major descending trendline.
ETH is still far below its 2025 highs.
ETH is still under heavy supply.
And right now the most dangerous level is around $1,500.
For me, $1,503 is the real test.
If ETH holds this zone, we can see a relief bounce because sellers may get trapped near support.
But if ETH loses $1,500 with strong daily close, then the next wave of fear can start and more downside liquidity can open.
So don’t blindly say ETH is dead.
Ethereum is bigger than the Foundation now. L2s, independent developers, and the whole ecosystem are still alive.
But also don’t blindly buy just because price dumped.
Short term, ETH is still weak until it reclaims the trendline and gets back above the $1,700–$1,800 area with strength.
Briefly speaking
Fundamentally ETH is not dead.Technically ETH is still in danger.
And if $1,500 breaks, panic can increase very fast.
Trade carefully.No high leverage.No emotional entries.
Let the chart confirm first.
The market is not punishing weak hands slowly anymore.
It is hunting them aggressively.
$ETH
#EarnFreeCrypto2024