Be careful if you are still shorting Ethereum! The current situation is not suitable for shorting! Ethereum is only suitable for accumulating longs at the bottom!
The specific reasons are as follows:
1. Approaching the May 7th Ethereum Prague mainnet upgrade
2. Whales have recently been buying the dip on ETH
3. According to monitoring data from Farside Investors, the net inflow of US spot Ethereum ETFs yesterday was $18.4 million.
4. Data shows that the number of independent addresses on Ethereum's second-layer network has reached a historic high of 13.6 million, a 74% increase from the previous week. Meanwhile, its dominance has reached 6.69 times, with weekly transaction volume breaking 832,000.
5. Fidelity: Multiple on-chain indicators for Ethereum indicate that ETH is "undervalued"
6. Tether has minted an additional 1 billion USDT on the Ethereum chain
7. Vitalik and StarkWare-supported Kakarot have launched a new Ethereum ZK solution based on STARK
8. According to Lookonchain monitoring, yesterday, 10 U.S. Bitcoin ETFs had a net inflow of 6,634 BTC, including BlackRock with an inflow of 10,249 BTC. BlackRock currently holds 598,936 BTC, worth $5.69 billion; 9 Ethereum ETFs had a net inflow of 41,940 ETH, including BlackRock with an inflow of 37,537 ETH. BlackRock currently holds 1,252,768 ETH, worth $2.28 billion. $BTC
