In November 2021 Ethereum reached the highest price it had ever traded at, closing out a year in which NFTs, DeFi and a broad risk-on mood had pulled enormous flows into the network. Sentiment was close to euphoric, and the loudest forecasts on social media were for far higher numbers still.
What makes this window hard is that nothing about it feels like a top while you are inside it. Price grinds higher, every dip gets bought within hours, and the strongest signal — that the rally is slowing rather than accelerating — is visible only in hindsight. The session ends slightly green, so a trader who chased strength late is not punished immediately; they are simply left holding into what became a long decline.
Same engine, same hidden right-hand side — a different day's problem.