The current Ethereum market exhibits a clear cognitive divide: industry insiders generally choose to take profits, while off-market investors are flocking in. This "besieged city" phenomenon is reminiscent of last year's Bitcoin market performance, with both sides interpreting their understanding of the market through completely opposite operational strategies.

Experienced practitioners, based on technical indicators and on-chain data, believe that the current price level is close to a cyclical top; while newly entered investors are attracted by upward momentum, fearing they may miss out on subsequent trends. This divergence between bulls and bears actually reflects the normal operation of a healthy market. Historical experience shows that a trend will only truly reverse when the last batch of skeptics turns into buyers.