ETH failed to break 2400, initiating a pullback, with a box range oscillation, still experiencing a significant decline📉

Since ETH started falling from 3400 down to 1700, it has been consistently suppressed by the weak resistance level at 2200.
Throughout the process, there was no effective breakout because the decline was too large, approaching the 1700 drop level, so the selling pressure was very strong.
During the entire market sentiment shift from 3400 to 1700, there was a serious sell-off sentiment. That’s why we see Bitcoin being suppressed below 76,000 for a full two months. ETH being suppressed below 2200 for two months is due to this market sentiment. Because after such a large decline, normal investors want to sell quickly. This is similar to a large holder I recently interacted with who owns Dogecoin.
He told me he bought 10 million Dogecoins. At the peak, he nearly made 70 to 80 million. But after this round of Dogecoin correction, all profits were wiped out. He became very eager to sell. So I asked him, since you’ve held Dogecoin for so long, why do you want to sell at this point? This is obviously counterintuitive. This highlights the difference between our professional training and ordinary retail investors’ market sentiment. Many retail investors’ thoughts are beyond our understanding. For example, if you hold Dogecoin firmly for three years and it multiplies seven times, and you choose not to sell. Even if you don’t sell, when profits retreat, you don’t take partial profits. When it falls back to the cost basis, you decide to sell. That’s not a very wise decision. If you are long-term bullish on a coin and willing to hold it for three years, then you’ve chosen a path of steadfast holding. If it multiplies seven times and you still don’t sell, you should hold even more firmly. Instead, after a sevenfold profit is wiped out and it falls back to the cost basis, you start considering selling. These two logics are contradictory.
Okay, that was just casual chatting. Now back to Ethereum’s market. ETH is currently testing the 2400 resistance level, and after that, it formed a rapid pullback. Next, everyone can look at the support levels around 2250 to 2220.