$ETH trapped in a fluctuating dilemma, institutions are playing both sides, $SOL becomes the preferred choice for a short-term breakout!!
Recently, ETH has fallen into a repeated cleaning cycle, with intense long and short battles making it difficult to achieve a unilateral market, instead creating short-term participation opportunities for altcoins, especially SOL.
Looking back at the previous trend, when ETH approached 3400 USD, the single round of leveraged liquidation exceeded 20 billion, and market sentiment was under pressure for a while. Last night, Federal Reserve Chairman Powell released a loose signal of "continuing to cut interest rates by the end of the year," directly driving ETH to rebound quickly, confirming the bottom-fishing logic from the day before; at the same time, Binance's market rescue actions also provided short-term support for the market.
However, the rebound momentum quickly encountered resistance, mainly due to the divergence of opinions at the institutional level: institutions like BlackRock continue to reduce their holdings of ETH, combined with online rumors that "Insider Brother" is heavily betting on BTC shorts, market funds' wait-and-see sentiment is rising, making it extremely difficult for ETH to break out of the fluctuating range.
From a technical perspective, ETH is clearly under pressure from the 5-day moving average around 4200 USD, with support from the 10-day moving average near 4000 USD, and a large amount of institutional funds supporting the 3800 USD area, making it very likely to maintain the "4000-4200 USD" range oscillation in the short term.
Against the backdrop of ETH being in a stalemate, funds are more likely to flow into more resilient altcoins, with SOL being the preferred choice. Its recent ecological activity has continued to improve, NFT trading and DeFi lockup volumes are steadily increasing, and during the fluctuations of ETH, the correlation between SOL and ETH has weakened, highlighting its independent market characteristics. In the short term, it is expected to attract overflow funds from the market, becoming a breakout target in the oscillation cycle.
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