Ethereum is still in accumulation, not the phase where you want to sell.

Merlijn The Trader posted a tweet recently stating that ETH is still cheap, even if it does not feel that way right now.

Ethereum rainbow price chart. Source: MerlijnTrader

Merlijn posted the chart that we can see above. This is a long-term ETH/USD chart using broad price bands that map cycles of the past. According to this model, at the moment ETH is in the blue and green zones. Historically these zones meant accumulation and early expansion phases, not cycle tops. Explaining it in simple terms this is where long-term positions are created and not where profits are taken.

Merlijn talks about something that a lot of people miss. Most people want to buy when price is deep in the red and when there is a lot of fear. However real wealth usually comes from holding through boring periods (crab), when price moves slowly and headlines are quiet. So by this framework at around $3,100, ETH is not in 'take profit' territory. It is still below the zones where other cycles peaked. This tells us that the market has not reached max euphoria just yet.

The message here is: have conviction. By the time everyone agrees ETH is valuable the easy gains are gone. Accumulation happens early, long before hype comes back.

Source: https://x.com/MerlijnTrader/status/2008237058222158310