Ethereum's violent rebound chases 2500! Is the dog trader manipulating the market or is it a bull reversal?
Yesterday, Ethereum suddenly surged, with the price skyrocketing from 2185 to 2490 USD, a 24-hour increase of 19.35%, directly breaking through the upper Bollinger Band on the 4-hour chart, pressing the shorts to the floor. The current price is fluctuating in the 2330-2350 range, and this violent stretch by the dog trader is clearly aimed at exploding short positions—on-chain data shows that over 265 million USD in short positions were liquidated, with a spike to 2270 quickly pulled back by the bulls, a typical “killing the heart” tactic.
1. Technical Analysis: Bullish Frenzy
From the chart, ETH has broken through several months of consolidation. The 4-hour EMA multitrack is diverging at a 45-degree angle upwards, the 20-day EMA has become a dynamic support, with the first resistance level at the psychological 2500 mark, and the second target directly aiming for the 2745-2800 weekly gap. Although the MACD histogram has started to shorten, the DIF and DEA are still strongly operating above the zero axis, indicating that bullish momentum has not exhausted.
2. Positive News Piling Up
On May 7, the Ethereum Pectra upgrade was implemented, halving Layer2 transaction fees and raising the staking cap, igniting ecological activity. DeFi locked value has surpassed 130 billion USD, daily NFT trading volume surged to 250 million, and on-chain GAS fees decreased by 62%, activating massive small transactions.
3. Risk Alert Raised
Don’t let the price surge cloud your judgment! Three danger signals have appeared on the 4-hour chart: first, trading volume is rising but prices are stagnant; second, the MACD red bars are starting to shorten; third, the Bollinger Bands have opened too wide, indicating a need for contraction. Dog traders love to play “heaven and earth needle” at such times, and the sudden drop of 200 USD in the early morning is a warning.
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