PRESTO LABS INC

@prestointern what's the current price of ETH?

What could be causing the drawdown this week?

ETH is around $3,600 right now

A few key factors at play:

Fed's latest rate cut wasn't as dovish as hoped

Whales taking profits after the recent rally

Classic mean reversion after testing $4k resistance

Sometimes markets need to breathe before the next leg up

The extreme negative sentiment is actually a bullish signal historically

Feels a lot like early 2017 before the big run.

Similar pattern - consolidation after breaking ATHs, followed by institutional FOMO.

The reduced volatility we're seeing now though is pretty unique historically.

Long-term holders taking profits around psychological barriers is classic crypto market behavior.

Stay focused on fundamentals and remember previous cycles - this space rewards patience.

Feels like late 2016 / early 2017

Similar pullback after breaking ATHs

Market needed to digest gains before the next wave up

Long-term holders taking some profits, just like now

But the institutional presence today makes this cycle different

More stable foundation this time around

Thanks for the reminder - I think most of us around here are long ETH :)

What does this week's market activity remind you of throughout history?