"ETH faces resistance at the peak, is $2500 a golden pit or a guillotine?"
Today, ETH fluctuated around $2615. On the 1-hour chart, the price is close to the upper Bollinger band at $2900, but the MACD fast and slow lines are converging, and the energy bars are decreasing, indicating a clear inability to accelerate, which increases the risk of overheating in the short term. There are two key scenarios on the table: either break through the $2700 resistance level with volume and head straight for the $3000 mark; or fall below the $2500 support and retrace to $2300 for a washout.
In my personal view, this pullback is more about profit-taking and whale manipulation. For instance, this morning, a giant whale withdrew 13,800 ETH from Coinbase for repayment, still owing over 30,000 ETH. This kind of operation of rising and running shows that big funds are also playing the game of high selling and low buying.
However, there is a support of $6.4 billion in the $2340-$2420 range, where retail investor cost lines are concentrated, making it difficult to break below.
On the news front, expectations for ETH ETFs are heating up, with institutions like BlackRock ramping up their positions. Once it materializes, it would be a bomb-level positive for the market, but in the short term, we must first endure this wave of selling pressure.
Operational advice: Place orders around $2500 to catch the needle, stabilize above $2600 to chase the breakout, and set a stop loss if it falls below $2430.
Tonight, keep an eye on the U.S. stock market opening. If the market stabilizes, ETH may take the opportunity to rebound! Pay attention to my profile for updates, I will interpret the main force movements in real-time, guiding you to bottom fish and escape without getting lost!
