To summarize, Ethereum at 3800 is promising for the future.

Let me share about the roughly 5% pullback in ETH that happened early this morning, dropping by one or two hundred points. This pullback in the early hours of December 5 was actually a healthy reduction in long leverage, and it also aligns with Gann cycle theory.

During the overnight drop, long liquidations in Ethereum reached $127 million within 24 hours, accounting for 72% of total liquidations. This cleared out excessive leverage and helped prevent a crash caused by overloaded leverage in the future.

Additionally, from the rebound starting at the $2,700 low on November 30 to the $3,238 high on December 4, it was exactly five trading days, fitting the Gann 5-day cycle pullback pattern. The pullback range (5%-6%) did not break below the 38.2% golden ratio retracement ($2,980) of the previous rise, making it a typical healthy pullback within a trend.

After this leverage cleanup, the market's selling pressure has been partially released. In addition, institutional ETFs continue to see daily inflows of $40 million to $80 million, staked and locked-up amounts keep increasing, and the circulating supply keeps shrinking. As long as the price breaks through the short-term resistance of $3,160-$3,200, there is an opportunity to reach the previous pressure levels of $3,400-$3,800. #十二月行情展望 #成长值抽奖赢iPhone17和周边