Trying to put today's correction into perspective for HODLers

After an unprecedented profit-taking surge to liquidate $2.6B in longs over the past 12 hours, we might be asking if ETH will ever break $4,000 gain. But if you accept my theory that there is a natural regression channel that ETH has been following all year, this drop today seems perfectly within balance to keep the price moving toward the mean. While we saw a huge shift above the channel in early summer, we see the equal and opposite swing the other way by July. But ultimately the price returned to where it seems most comfortable. Does this mean we won't see $5,000 until December? Perhaps. Or maybe it's going to break to that number much sooner, but it won't be comfortably within the channel until then. COINBASE:ETHUSD

Comment:

After another big dip, we see further confirmation that the price wants to correct into the regression channel above. What this tells me is that a long-term trend is (so far) being very reliably adhered to, despite the significant volatility.