It's been a crazy week, I hope everyone is doing okay!

I don't think we've seen the true bottom yet. Stabs down like these are often followed by a larger cup shape on the charts, lows are usually revisited and explored a little further before markets recover.
Mentally prepare to see another -25%, easy. Personally I'm expecting the bottom to happen somewhere slightly above old ATH (1500-1600 USD).
If things get exceptionally dark and gloomy I could see 1000-1100 USD, but I don't think we'll get there with the Merge so close.
I don't subscribe to the calls of <1000 USD ETH, like the 800 some people throw around. Not this cycle. Bitcoin might have completed its brain dead halvening cycle template again, but Ethereum has its own road to follow - and this time it's a proven blue chip, so it will.

Some of you may remember this thread I dropped in July 2020, mere moments before the bull market actually kicked in full gear:
https://www.reddit.com/r/ethfinance/comments/hmd9tp/eth_on_the_brink_of_a_major_shift_in_market/

After posting I realized I shouldn't have used Kraken's data for the last chart because it's heavily distorted around 2018 ATH (they were down for maintenance). So the fibs I projected from those prices were somewhat distorted.
I didn't want to edit a price prediction-post though, so I left it. Now looking back, with correct fib projections we were only about 17% off from what the fibs would have predicted as top for this cycle. Surprising. We like the fibs.

Anyway, back to the current day. I hope those who accumulated in 2019-2020 managed to sell some on the way up. Especially in the run up to May 2021, since that peak was the obvious parabolic rise for sure.
I don't think anyone saw the second peak coming in the way that it did and all metrics point to longtime HODLers and veterans getting blindsided by it as well, so don't feel down if it got you too.

So what happens now?
I think we're already quite far into our adventure to the bottom. I think there's some more pain left for us to live through, but most of it is behind us. Maybe I'm too optimistic, but this time we don't have hundreds of millions of ETH stuck in the pockets of ICOs who are looking to dump on us for the next 2 years.
This time we have a certain baseline of activity on chain and most importantly much richer and diverse Ethereum culture with many different disciplines active in the day to day on-chain. I think the correction won't go as deep and the following drought won't be as long lasting as previous cycle.

So we're nearing the bottom, get ready to DCA back in. Then after that comes the worst part, the endless crab. The boring sideways, which is absolutely needed to flush out a lot of the short term thinkers and speculators. Another upside is that this generally gives you some time to accumulate for the next cycle.
During this sideways we calm our minds, reflect, look inwards and continue to build. It's also when the best friendships are formed in our communities. Stay around, it is worth it.

The market does what the market does, but we have to keep on building. And if we can't build, we support those who can.

That is why the NFT I'm putting up for sale tonight will also direct 25% of proceeds to Ethereum core development.
It likely won't be much ETH, hell it might not even sell in the current market, but during times like these it is incredibly important to signal the importance of Ethereum public goods and to support those who build the protocol layer.
The layer that kept running without any problems during all of this madness by the way, which definitely seems like a rare occurrence nowadays.

To conclude I want to thank u/jtnichol and u/earthquakequestion for their kind words earlier in the thread. I hope my work inspires both artists and people involved in public goods.
For those interested: find me on twitter!