nETH's recent trend is worth close observation. From a long-term perspective, this decline has already run its course, with the low point forming an effective rebound around 2770-2800. More importantly, the price hasn't continued to drop but has instead started to digest within a sideways range. This detail is crucial — when selling pressure can be absorbed rather than triggering new lows, it indicates that the bearish momentum is waning.

The 4-hour chart reveals this more clearly. Those moving averages that once showed a fierce bearish alignment are now gradually flattening and winding together. This isn't some magical technical indicator but a reflection of market sentiment — the bearish advantage has diminished, but the bulls aren't rushing to push higher. This quiet consolidation phase is often when smart capital is most active.

Looking at the hourly chart, the details become even more interesting. Each retest shows lows gradually rising, with the price consistently digesting within the 2930-2950 range, unable to break below previous lows. What does a higher low signify? The bearish strength is weakening, and the bulls are beginning to take control of the rhythm. The Bollinger Bands are also narrowing, often indicating an imminent directional move.

Overall, the short-term probability of going long is indeed significantly higher than going short, not because bullish sentiment is overly strong, but because the actual market structure no longer supports continued bearish selling.