ETH 2025.12.30 Since ETH's bottoming on 11.21 and topping on 12.11, its price action has been moving very sluggishly, unable to break out into a clear trend. If you notice a period of price action moving sluggishly, it’s highly likely that it’s in the process of adjusting to a previous trend. The longer the sluggish period lasts, the larger the adjustment scale tends to be. As shown in the chart, ETH is still in a consolidation phase. If it follows the red path, there won’t be any deep pullbacks afterward, and it will start the next wave of upward movement after some horizontal consolidation. If it follows the blue path, there might be a deeper retest, around 2850 or testing the previous low near 2772 to confirm its validity, and then it will start to rise. Both paths lead to the same destination. If ETH pulls back again, the extent of the drop is uncertain, but after the adjustment ends, there’s a high probability of another wave of upward movement. This adjustment is likely to end this week. Some of you might be wondering: can’t it just drop directly, break below the 2600 low, and continue searching for a bottom? Of course, it can, but I don’t see it that way for now. If there’s no decent rally this weekend or next week, I’ll reconsider this scenario. Until then, this possibility is only considered as a risk control factor and not as the main direction for trading.