Brothers, keep a close eye on the market. ETH is stuck at $2361, moving sideways, but the on-chain data hides secrets:
Trading volume is surging: Prices are stagnant, but daily trading volume has exceeded $38 billion. On-chain data shows that the whales have accumulated 1.1 million ETH in the past three months, and there was a $3 billion support order at the $2350 level yesterday, indicating clear bottom support. However, there is strong resistance at $2450, and last night, attempts to test $2430 three times were pushed back.
ETF speculation has heated up: The SEC has postponed the approval of the ETH ETF to October, but the exchange's inventory has dropped to a historic low of 9 million. Referring to last year's washout tactics before the BTC ETF approval, the whales may repeat the "kill leverage - explosive rise" script.
Operational strategy:
Above $2400, there are trapped positions: If it breaks $2430, it is recommended to reduce positions by 30%.
Key support at $2350: If it breaks down with increased volume, stop losses are needed, as the gap at $2300 on the weekly chart could trigger a sell-off.
Aggressive strategy: Place a bottom buy order with a 5% position at $2355, and set a strict stop loss at $2335.
Tonight at 20:30, the US CPI data will be a trigger for change:
If inflation exceeds the expected 3.1%, it may instantly drop by $20.
If the data is favorable, breaking the $2450 resistance can be followed up.
The top ten addresses hold a record high of positions, and the current sideways market has lasted for 38 days, which is very similar to the 42-day washout before the bull market started in 2017. Holding onto these positions, any positions below $2400 after the ETF expectations materialize are golden positions.
As the market continues to change, we must closely monitor market signals and seize new entry opportunities. Like + comment + follow, and let’s navigate the bull market together and seize this big opportunity!
