ETH is currently only facing a portion of historical supply (from the high supply zone of 2021), but even on the 4-hour level, there has been no significant structural damage, and the highs and lows are still slowly rising...

Therefore, you may be bearish on BTC, but there is no reason to be bearish on ETH.

Looking at the ASR channel, the price has been oscillating upwards in the orange average resistance zone, which has always been a relatively strong performance.

It indicates that the current market demand is gradually absorbing the supply near the historical highs.