ETH Squeeze Bollinger, is the whale sharpening its knives?
Today's ETH market has people rubbing their hands together, as the price just touched 1803 in the morning session before being slammed back to around 1796. The Bollinger Bands have squeezed so much that the distance between the upper and lower bands is less than $15, with the upper band at 1801 and the lower band at 1789. The whale has twisted the market into a pretzel.
1. News
ETH just rode the wave of the Federal Reserve's interest rate cut expectations to break above 1800, but news of vulnerabilities in the Pectra upgrade testnet delaying the mainnet to Q3 poured cold water on things. Fidelity's purchase of 458,000 ETH is good news, and the upgrade delay is bad news, directly counteracting each other, causing the market to enter a state of contemplation.
2. Technical Analysis: MACD's Red Candles Hide Tricks
Don’t be fooled by the MACD red bars peeking out; the DIF line is still lurking below the water. This kind of “fake golden cross” is something seasoned traders understand—whales are shorting at 1801 while simultaneously placing long orders at 1789, creating a battlefield where the price fluctuation is less than $20, reminiscent of the intensity of urban warfare in Syria.
The 4-hour level is even more thrilling, with prices stuck at the weekly range mid-point of 1800. Above, there are three months' worth of trapped positions at 1840, and below, institutions have their investment bullets lying at 1740. Whoever shows their head first will get stabbed. The trading volume has shrunk to the point where even the neighboring Bitcoin halving trend can’t move it, clearly waiting for tonight's opening of the U.S. stock market to catch a favorable wind.
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