ETH is now unusually quiet.

This level at 2250 has been moving sideways for nearly 12 hours, and volatility is being suppressed to a very low level.

When I was watching, I had a feeling—it's not that it can't fall; it's more like both bulls and bears are waiting for a signal. The three moving averages are stacked above, with 2299, 2302, and 2304 arranged in sequence. Under this kind of structure, every time the price rebounds, it gets pinned down. The RSI is still around 45—neither oversold nor overbought—and volume has shrunk to 90% of the average. In plain terms, participants are just watching and waiting.

At this point, I actually pay attention to this: if volume keeps shrinking, volatility will sooner or later expand. It's hard to say whether it will go up or down, but once a clear breakdown with a noticeable volume surge appears in either direction, the market will move pretty quickly.

Next, watch the tussle around the 2300 integer level and how the volume changes at that spot. If you don’t want to bet on the direction, you just want to see who can’t hold back first.