$ETH Analyzing these 4 downturns, it’s clear that every time the price approaches the bottom, there is always a surge of large spot buying at the bottom. You can refer to the ETHUSD spot trading pair on a certain base for reference. Here’s what you can see:

1. From the top to the bottom, it took a total of 217 days with a cumulative drawdown of 86%, and then there was an increase in volume at the bottom.
2. There was a 46% drawdown from the top over 70 days, with increased volume at the bottom.
3. A 66% drawdown over 112 days, again with increased volume at the bottom.
4. The current drawdown is 46%, lasting 90 days so far, but the only difference this time is that there has not yet been an increase in volume at the bottom. So, this is most likely not the bottom yet. At the same time, this position is at the previous range top, so it is expected that there will be a period of sideways movement and redistribution here until a SC panic sell-off with increased volume appears. Only then is it likely to be a stage bottom. Waiting and watching...