$ETH

【What are funds thinking at this current ETH position?】
A week ago, ETH was hovering around $2310, a month ago at $2600, now at $2264. It’s fallen for nearly half a month, not by much but constantly grinding down.
Here are three signals for you to consider.
First, the consolidation is not over yet. 24 hours -0.7%, 7 days -2.4%, not looking catastrophic, but this kind of downward drift is the most exhausting. The key is trading volume—recent attempts to test support show significantly increased volume, indicating some are defending while others are fleeing. The bulls and bears are in a heated battle, and the direction might be decided in the next few days.
Second, market sentiment has not collapsed. The weekly FNG (Fear and Greed Index) is 34, today it’s 29, just fear, not yet at the depths of panic. ETH’s sentiment is basically in sync with the market; there are no signs of an independent trend. At this point, be cautious—such strong consensus means a sharper move could happen when the trend reverses.
Third, the 54% retracement figure. In 2020, ETH dropped nearly 60% during the March 12 event, then what happened? You all know what followed. History doesn’t simply repeat, but human nature doesn’t change. The logic of long-term funds starting to build positions within this range has never changed.
Support at $2179, resistance at $2325. Holding the support means consolidation; if it breaks below $2179, it’s time to look for a new bottom.
On-chain data doesn’t lie, but most people don’t look at it or are too lazy to check.
Do you think ETH is building a bottom now, or waiting for one last drop?