Ethereum Market on May 4th: The Longer It Sideways, The More Violent the Breakout!

This broken chart makes people want to smash their keyboards! ETH opened this morning at $1833, fluctuating up and down like an electrocardiogram stuck in a 10-cent range, resembling a welded iron coffin. The middle band of the daily Bollinger Bands at $1836 is pressing down hard, and the MACD is opening downwards below the zero axis, with green bars getting longer and longer, clearly indicating that the bears are quietly brewing a big move. On-chain data is even more alarming—Grayscale just dumped 6486 ETH worth $11.92 million to Coinbase Prime in the early morning, and this whale is clearly laying mines for the market.

1. Technical Analysis

The EMA30 support on the 4-hour chart is currently stuck at $95,650, while ETH's key support to watch is at $1,810. If this level breaks, it will likely head straight for 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 Fibonacci 61.8% retracement level. Yesterday, three attempts to break through were knocked back down, and the shorts laid here are denser than ASIC mining machines in the mining farm. The trading volume has shrunk to the size of a needle’s tip, and the net inflow to exchanges suddenly spiked to 18,000 ETH; this divergence in volume and price is chilling to see.

2. News Analysis

The only good news is that institutions haven't withdrawn—Ethereum ETF saw a net inflow of 10,940 in a single day, and major institutions like BlackRock are holding their positions steady. However, the Layer 2 ecosystem data reveals something strange: the gas fees on the Optimism and Arbitrum chains have dropped below 5 gwei, which is not the level of activity expected in a bull market. Even worse, that ETH whale just gambled 3,029 ETH at $1,895 eleven hours ago and is now facing a paper loss of $142,000; if this brother decides to cut losses, it will definitely trigger a chain reaction.

The current market is like ants moving before a heavy rain—calm on the surface but with turbulent undercurrents. I advise everyone to lower their leverage to below 3x and save some bullets for when BTC launches a full assault on the $100,000 total leader. Remember, surviving longer in a bull market is a hundred times more important than making quick profits! This weekend, just trade within the oscillation range! If you don't understand how to operate, you can follow Master Fo, Xiaofang Ping Lun 788, too fast #比特币战略储备 , #山寨币ETF展望 , #币安Alpha上新 .