📊 Morning Quick Review|Who is pushing ETH this time? Can we still chase it?
Starting from August 4, ETH has risen sharply from a low position, continuously forming several bullish candles, with a maximum increase of over 26%, and the price has surged from around $3,400 to over $4,300. Many people think this is a natural rebound due to improved market sentiment, but a deeper dive into on-chain data reveals that it is far from just a simple ‘trend rebound’.
1. Whale funds secretly accumulating
Since August 4, multiple large transfers of over 5,000 ETH into cold wallets have been detected on-chain, especially with some established institutional addresses synchronously increasing their holdings alongside newly emerging private fund wallets. For instance, on August 8, over 12,700 ETH were transferred to the Coinbase Institutional address. This low-frequency, high-amount buying is not short-term capital, but rather institutional whales with ‘pricing power’ quietly laying out their positions.
2. ETF expectations + loosening US Treasury rates
Last week, US Treasury yields dropped from 4.2% to around 3.9%, leading funds to flow back into risk assets; at the same time, the Spot ETH ETF trading volume hit a single-day record of $460 million, and institutional interest in Ethereum continues to rise. The narrative has been reignited, with institutions seizing the opportunity to lock in funds ahead of policy implementation, providing strong support for the market.
3. The ‘push effect’ in the options market
After the 4th, the positions in ETH call options have significantly increased, especially with concentrated bets in the $4,000—$4,400 range. This layout, combined with spot price increases, has created a short squeeze effect, forcing shorts to cover and further pushing the price up to the current high.
Can it still rise?
In the short term, ETH has entered a phase controlled by institutional players, with positive factors in both capital flow and narrative. However, caution should be exercised when chasing high: the daily RSI is nearing 70, with clear signs of overbuying, and a pullback may occur in the short term. As long as it does not fall below the critical support level of $4,000, the mid-term trend can still look towards the $4,500—$5,000 range.
🌲 The forest has been trampled by giants, and the hunters are still lying in wait. For those waiting for the wind, as long as they stand in the right direction, the prey in the trees will eventually fall.
#ETH突破4300 #币安Alpha上新