Ethereum has dropped from 3600 dollars all the way down to 2500, and it might even go further to extreme levels of 1200 or even 880. The underlying logic is actually quite clear.

Looking at its fundamentals, aside from ETF support struggling to hold up, almost everything else is signaling a bearish outlook. From a candlestick pattern perspective, there are several obvious signals in this round of market movement:

The previous high was just over 4800, but after reaching 4900, it turned around—that's a classic false breakout to trap buyers. More concerning is that during the pullback, trading volume increased, which isn't a healthy sign of a consolidation with decreasing volume. Essentially, a lot of funds are bearish on the market and are dumping their positions at low levels to run away.

Regarding the future trend, I personally set three key levels: the first target is 2500 USD, the second is 1200, and in extreme cases, it could reach 880. Strategically, I honestly don't recommend blindly shorting. However, at the 2500 level, I would consider lightly adding to my position with a 20-30% allocation for a bottom-fishing approach. If it really drops to the 1200-880 range, then it's time to go all-in. Market panic often breeds opportunities—it's just a matter of whether you're brave enough to take the risk.