ETH: At the end of fear, is it dawn or the abyss?

ETH's biggest current problem isn't technology or fundamentals—it's that no one wants it anymore.

Search interest plummeted 80% since February, and the "dead money" narrative has faded into dust. ETF net outflows have totaled nearly $300 million over 10 consecutive days, with institutions rushing into BTC without looking back. On the chart, ETH has been declining for two weeks straight, struggling at the $2,100 level, with moving averages in a bearish alignment like a lock—just looking at the chart, it's a bleak picture.

But I’ve noticed three things.

1. Vitalik announced that the Ethereum Foundation will be reorganized into a “smaller ship,” while reducing ETH sales. In a bear market bottom, this often signals the start of a cleanup rather than an end.

2. The fear index is at 26, with 71% retail traders holding long positions—such extreme asymmetry usually ends with a “cleansing.” When everyone is on the same side of the boat, it often capsizes.

3. 39.1 million ETH are staked, accounting for 32.4% of circulating supply. Exchange balances are continuously decreasing, and whales are quietly accumulating below $2,000. This “surface panic, covert accumulation” split is a classic bottoming pattern.

ETH is currently dull and oppressive, making people want to turn off the screen and walk away. But all epic rallies begin in moments when no one wants to talk about it.

【Key Technical Levels】

$2,000 is a test of faith—if it falls below, then $1,950 and $1,824 follow in succession.

$2,154 is the short-term breakout point—only by surpassing it can a reversal be considered.

MACD shows a bullish crossover at low levels, with multiple bullish divergences on the 1-hour and 4-hour charts—common early signs before explosive moves.

Allow me to say something counterintuitive:

When the whole world is saying “ETH is dead,” that’s precisely when it’s the cheapest.

⚠️ Risk Warning

The above is solely a personal opinion and does not constitute any investment advice. Cryptocurrency markets are highly volatile; please make decisions cautiously and bear the risks yourself.