Ethereum's recent performance is indeed quite frustrating. After eight consecutive bearish candles, some people started interpreting it positively—like reduced forced selling equals a potential rally? That logic is just too far-fetched.

We need to clarify one thing: when prices were falling before, was it really because everyone suddenly lost confidence? No. In simple terms, during that November wave, institutions and big funds couldn't handle the pressure and just ran away, desperately dumping their positions. Now that the price isn't falling further, some say it's "strong demand"—please, that's not demand; that's just all the forced liquidations already completed, and the remaining holders are just stubbornly holding on.

Looking at the current situation, those who should have closed their positions long ago for "risk release" and "reducing exposure" are basically institutions cutting their losses. Now that selling pressure has decreased, some interpret it as a positive sign. But think about it—price stagnation isn't because buy orders are truly strong, but because those willing to cut their losses have already done so. The remaining people are just lying flat pretending to be dead, not moving at all.

It's like saying the crematorium queue has finished, so we should say the funeral industry is about to revive—how absurd is that logic?

Right now, there's a popular phrase in the market called "liquidation exhaustion." I tell you, this narrative often marks the beginning of the next downward slide. When the entire market is left only with the most stubborn and hardcore bulls, they become the last ones who can be squeezed for liquidity. The final liquidity? It’s theirs. Don't be fooled by the false appearance of lying flat; that's not a rebound.

This kind of market sentiment right now shouldn't be taken too seriously. Protecting your principal is much more reliable than blindly being optimistic.