$ETH This move slid all the way from 2133 to 2004. I watched the charts for quite a while, and I had one thought: this market is behaving just like U.S. stocks in November. I saw a data point today saying that, since 1950, only two Novembers have gotten off to a worse start than this year, with the S&P 500 taking a beating right out of the gate. What a coincidence: ETH is now at 2054, down 3.35% in 24 hours, with 960 million in trading volume. That’s not a small amount, which means it’s not that nobody’s trading—people are getting out. My own take is that this isn’t a panic sell-off; it’s more like a slow, grinding decline, gradually wearing down from the high of 2133. It even gives you a little bounce in the middle to make you think things have stabilized, then dips again. This kind of move is the most exhausting—harder to take than a sharp drop.
And over in the U.S. stock market, inflation data has stirred up trouble again. The market had just caught its breath, and now it’s been pushed back down. I’ve noticed a pattern: whenever inflation data looks bad, risk assets take the first hit. Major coins like ETH may hold up better than altcoins, but they can’t resist the downward pull of the broader market. It hit a low of 2004, nearly breaking the round-number level, which suggests that 2000 is acting as psychological support—but it’s hard to say whether it can hold. A trading volume of 9.6B isn’t outrageous under normal circumstances, but in light of this drop, it suggests that people are selling, and doing so pretty decisively.
My personal view is that there’s no need to rush into buying the dip at this level. That’s not to say ETH has no value, but in this kind of slow decline, you never know where the bottom is. The U.S. stock market’s November start has been poor, and historically, there have been cases where it rebounded and others where it kept falling, so the odds aren’t in its favor. I haven’t read that CF Industries article closely, but agricultural stocks are usually treated as defensive investments in this kind of environment, which suggests that money is looking for a safe haven and risk appetite is clearly declining. ETH, as a high-beta asset, faces considerable short-term pressure. If 2000 breaks, the next psychological level to watch is around 1900. On the other hand, if it can stay above 2050 for a few days, there may still be some hope.
For now, I’m mostly sitting on the sidelines—not chasing shorts or buying the dip. I’ll wait and see how it plays out. What do you think?
And over in the U.S. stock market, inflation data has stirred up trouble again. The market had just caught its breath, and now it’s been pushed back down. I’ve noticed a pattern: whenever inflation data looks bad, risk assets take the first hit. Major coins like ETH may hold up better than altcoins, but they can’t resist the downward pull of the broader market. It hit a low of 2004, nearly breaking the round-number level, which suggests that 2000 is acting as psychological support—but it’s hard to say whether it can hold. A trading volume of 9.6B isn’t outrageous under normal circumstances, but in light of this drop, it suggests that people are selling, and doing so pretty decisively.
My personal view is that there’s no need to rush into buying the dip at this level. That’s not to say ETH has no value, but in this kind of slow decline, you never know where the bottom is. The U.S. stock market’s November start has been poor, and historically, there have been cases where it rebounded and others where it kept falling, so the odds aren’t in its favor. I haven’t read that CF Industries article closely, but agricultural stocks are usually treated as defensive investments in this kind of environment, which suggests that money is looking for a safe haven and risk appetite is clearly declining. ETH, as a high-beta asset, faces considerable short-term pressure. If 2000 breaks, the next psychological level to watch is around 1900. On the other hand, if it can stay above 2050 for a few days, there may still be some hope.
For now, I’m mostly sitting on the sidelines—not chasing shorts or buying the dip. I’ll wait and see how it plays out. What do you think?
