Short-term fluctuations have led many to shout on social media, "It's fallen again, Ethereum is doomed," but if you look deeper, the really interesting things are happening on another level.

In the past week, a whale address quietly accumulated over 280,000 ETH, with a market value approaching $1 billion. Meanwhile, ordinary retail investors are still panicking and selling due to the price decline. This contrast quite effectively illustrates the point—fear and greed are always playing out repeatedly.

Looking at the chart, Ethereum's current pattern is somewhat similar to the pre-bull market phase of 2016-2017. The same fractal structure, the same polarized market sentiment, and the same quiet absorption by large funds after a sharp decline. History doesn't repeat exactly, but it does tend to follow a similar rhythm.

**What is the technical analysis indicating?**

Although the price once dipped below $2,900, the response was quite swift, and it regained above the middle band of the Bollinger Bands (around 2943.41). Even more interesting is that the MACD histogram has turned positive, which usually indicates a shift in short-term momentum.

There's also a subtle detail—while the price is making new lows, the momentum indicator is forming higher lows. This kind of divergence between price and momentum often signals that selling pressure is about to exhaust itself and that a market reversal may be imminent. It's not based on any complex theory; rather, it's the market participants' forces quietly changing.