Ethereum Market on May 4: The Longer the Sideways Movement, the More Intense the Break!
This broken market makes people want to smash their keyboards! ETH opened at $1833 this morning, fluctuating up and down like an ECG, stuck in a 10-cent range, like a welded iron coffin. The middle line of the daily Bollinger Bands is firmly pressed at $1836, the MACD has a dead cross opening below the zero axis, and the green bars are getting longer, indicating that bears are secretly preparing for a big move. On-chain data is even more distressing — Grayscale just dumped 6,486 ETH to Coinbase Prime at dawn, worth $11.92 million, clearly laying mines for the market.
1. Technical Analysis
The support at the 4-hour EMA30 is currently stuck at $95,650, and ETH's key support must be closely monitored at $1,810. If this level breaks, it is highly likely to rush towards the weekly EMA50 at $1,750. The upper pressure zone is clearly marked at $1,850, which is both the 200-day moving average and the 61.8% Fibonacci retracement level. Yesterday, it was pushed back three times after attempting to rise, and the short positions laid by the market makers here are denser than ASIC miners in a mining farm. Trading volume has shrunk to the size of a needle tip, and the net inflow to exchanges suddenly spiked to 18,000 ETH. This volume-price divergence pattern is chilling to behold.
2. News
The only good news is that institutions have not withdrawn — the Ethereum ETF had a net inflow of 10,940 ETH in one day, and big institutions like BlackRock are holding their positions steadily. However, the Layer 2 ecosystem data reveals something strange: the gas fees on Optimism and Arbitrum chains have dropped below 5 gwei, which is not the kind of activity expected in a bull market. Even more concerning is that ETH whale, who just went all in with 3,029 ETH at $1,895 eleven hours ago, is now facing a floating loss of $142,000. If this brother cuts losses, it will definitely trigger a chain reaction.
The current market is like ants moving before a storm — calm on the surface, but turbulent beneath. I advise everyone to reduce leverage to below 3 times and save ammunition for BTC's total assault on $100,000. Remember, surviving longer in a bull market is a hundred times more important than earning quickly!
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