First of all, let me just say I don't think this bull cycle is over. I believe that we'll have some ways to go and that blockchain will be revolutionary. But it ain't going to happen overnight and when you see so much fomo, you have to be cautious. Secondly, looking so many of these coins like Ethereum and Binance at or near record high RSIs on the weekly is another signal for caution. While I don't take short positions, I would take some gains off the table here.
Ethereum is a pattern that is really tight. The pattern is typically , and given how extended we are without any real pullback, I think odds of a 20 - 30% pullback greatly favor the bears in the short-term. Trade according and never with money you can't afford to lose. But this isn't where you should be buying, the time to buy was 2 weeks ago. Right now it's FOMO.
Not surprising given that it's the 1st correction since a long time, so all the folks that's bee waiting on the sidelines piled in. Key now is to watch when the 4hr tops out. If bear volume picks up again like yesterday, it'll likely go even lower this time around.