Honestly, at the current ETH level of 2072, I find it a bit awkward. You say it's cheap, and indeed it's fallen quite a bit from the high point; but if you really ask me to jump in and buy the dip now, I can't bring myself to do it.

Why? Because this isn't the bottom; it's just a "sentiment testing level." Basically, the main players are watching to see if you're panicking— the more you think "it's about time to buy," the more likely they are to give you another hit. The real shakeout happens when they push it down further, wiping out those who bought halfway up the mountain before it stabilizes.
Looking at the chart, the 4-hour timeframe has long lost its upward trend. The high of 2386 is just a stage top. All the moving averages are stacked overhead, with EMA20/30/60 like three mountains. Every rebound gets pushed back down. This sideways movement isn't a reversal; it's a continuation of the downtrend—don't get it wrong.
The resistance is actually close; it started around 2100. The real strong zone is around 2135, where the moving averages are dense—it's not easy to break through. Support first looks at 2050, but that's just superficial; the real emotional threshold is at 2000. Once that level breaks, it's like opening the floodgates—price will move very quickly.
So my current thinking is simple:
Want to go long? You can, but not now. Either wait for it to truly return to the 2000-2020 zone and form a bottoming pattern, then I might consider adding some; or let it fight for some momentum and re-establish above 2135, crushing those moving averages—then that’s a clear bullish signal. Entering now, frankly, is just catching the "downtrend continuation," which isn't a good risk-reward.
Want to short? That’s actually easier. If the rebound to 2100-2130 shows no strength, I’ll try a small short. Or just wait for it to break below 2050, and the accelerated decline will be confirmed.
I know many people are itching to buy, thinking "it's fallen so much, it should rebound soon." But in crypto, the most dangerous time is precisely when "most people think it's cheap." The main players' scythe never swings at the top; it falls when you think "this time it's stable."
So my conclusion is simple:
Don’t chase longs. Wait for a second bottom or a confirmed breakout.
Don’t rush; this market isn’t over yet. Let’s watch the show first. #ETH #BTC