ETH's recent market movement has demonstrated a classic market structure.

The prolonged long-term range-bound oscillation initially led to a decrease in market participation, with both bulls and bears exhausting themselves. The subsequent rapid decline is a typical liquidity sweep—weak hands are washed out, and genuine demand only appears afterward.

Note that the recent pullback is not a cause for panic; it is essentially a digestion phase of the market. Liquidity is often absorbed first, and the true trend emerges later. As long as ETH holds the key support levels, this logical chain remains valid.

This is the market's pattern—funds dig a pit, retail investors fill the pit, and finally, the direction is established.