ETH's consolidation is super frustrating. It tried to break through the 3900 level twice but failed, showing just how pessimistic the current market is. The 1-hour and 4-hour candlesticks are useless to look at right now. There are basically two possible scenarios: 1. Continue consolidating around the 3800 level until all the longs are shaken out, then pump up to 4130. 2. Consolidate around 3800 in the morning, then bounce up slightly to lure more people in before quickly dumping to 3680. Both scenarios are aimed at flushing out contract traders in the market. Over the past three days, a lot of long positions have accumulated around the 3800 level for ETH. It’s likely they’ll get liquidated before a pump. This morning’s dip might actually be an opportunity.