Ethereum is now at a very critical juncture. This wave of decline has made many people bearish, but a closer look at the technicals suggests things might not be that simple.

One view is that this is the main force "shaking out" — creating panic to clear retail investors' positions. On the hourly level, bottom divergence signals are brewing, which often indicates a short-term recovery opportunity. Some seasoned traders, even with accounts showing millions in unrealized losses, are still holding onto long positions, clearly betting on a stronger rebound later.

Of course, market sentiment is indeed very complex right now. Although the bears seem fierce, interestingly, such extreme panic often signals a reversal — this is the "devil and angel" phenomenon in trading markets.

From a technical perspective:

The current price is around 2926.08 USDT, with support in the range of 2900.31 to 2910.0. On the upside, the first resistance level is at 3001.01 (about 3.41% above the current price), followed by the resistance zone from 3001.01 to 3026.06.

In this volatile environment, both sides face liquidation risks, so caution is advised. But from a longer-term perspective, those who can endure the loneliness and hold on through confusion are the ones who truly make money — perhaps holding steady in the midst of uncertainty is the way to traverse the cycle.