ETH is rising strongly but I still don't believe the bottom has been formed.

$ETH just had a very strong session, jumping about 10% in just 24 hours. Immediately, many people began to call this a signal of a major reversal. But if you look at the liquidity structure, I think the market may be telling a different story.

Indeed, the price is recovering, but there is still a significant amount of liquidity below that has not been addressed. This is a point I find very important, because in many cases, lower liquidity areas will act like a magnet pulling the price before the trend is actually confirmed. Currently, the two most notable areas are around 2,150 USD and 2,010 USD.

Therefore, I believe that the final bottom of ETH may not have truly formed yet. The current rally is likely just a short squeeze, forcing the sellers to close their positions, which creates the illusion that the market has become strong again. However, after such sweeps, the price can completely turn around to address the remaining liquidity below.

This scenario is not unfamiliar. In cycles like 2018 and 2022, the market also swept the liquidity below before establishing a clear bottom and entering a more sustainable rally.

In summary, ETH is looking quite bullish at the moment, but for me, there is still not enough basis to confirm a major reversal. At this point, caution remains a priority.
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