ETH Market Analysis: 3252 indicates panic selling, with further upside potential

The current ETH low point at 3252 is essentially a short-term emotional release caused by market panic selling. Previously, the price faced resistance around 3380 and retreated, compounded by high leverage long liquidations, leading retail investors to flee en masse and creating a false appearance of a sharp decline. However, this is not a trend reversal signal.

From a technical perspective, the 3250-3270 range is a key support zone. Mild volume absorption here aligns with typical bottom-fishing behavior by funds. On-chain data shows continuous net outflows from exchanges, increased institutional staking, and stronger long-term holding commitments.

As panic sentiment subsides, short-term selling pressure has significantly eased. If the price stabilizes above the 3300 level, it will likely push towards the resistance zone of 3380-3450. Currently, the market is in an emotional recovery phase. The low levels caused by panic selling actually leave room for subsequent upward movement, so there is no need for excessive pessimism.