The first reason is that the previous round of adjustment wasn't enough; there are still some weak hands that haven't been shaken out, and they are not true diamond hands. They also benefited from this wave of Ethereum's increase.
The second reason is that the current sentiment among retail investors is overly optimistic, which has made Ethereum's situation quite heavy, and many people still refuse to believe in the downside.
The third reason is that the large holders have not fully exchanged their chips. If you consider the Ethereum you have worth tens or a few dollars, if it rises to tens of thousands later, the selling pressure will be enormous. If you are a major player, you would definitely have some reservations.
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