$ETH & Market Overall Outlook

After observing the market and sentiment, and based on experience observing the price action of Bitcoin, this also applies to Ethereum, because all the attention was on Ethereum after the ETH ETF was acc.

Namely, yesterday after reaching the key supply area at 3932, he immediately dropped -10% with a very long wick

Coupled with meme coins flying -> signs of correction, where in the past BTC also produced a long wick when it touched ATH -> BTC continued to fly for a while past ATH then fell slowly -> memecoins flew then not long after that continued to fall too

Plus, not all altcoins are going up, even though BTC is already close to ATH, and Ethereum is already close to the local top, and only meme coins are flying -> BTC & ETH will continue to consolidate -> and altcoins will slowly fall until BTC & ETH meet their support point , ideally for ETH the support is at 3100 - 3200

This thesis is invalidated if the Daily Ethereum candle closes above 4200, but for now it is highly unlikely to happen

Because I trade in any condition, whether up or down, later I will update whether this thesis is still valid or not, looking at the development of BTC and ETH price movements