BTC is still fluctuating at a high level, with the big coin facing resistance again near 104,500. Without any news stimulus, it has started to weaken, and altcoins don't need to be mentioned! The current price is running in the range of 103,500-103,000. Pay attention to tomorrow night and next week's breakout market!
Regarding the trend:
Looking at the small-scale chart, there was a double-top structure earlier, followed by a decline, with the low point dropping to around 101,200. The small-scale chart from yesterday has also shown a double-top structure, with the current low around 102,500. Next, let's focus on the fluctuation range, still looking at the previous points, but the position for entry should be reduced since the risk is higher each time. Be sure to set proper stop-losses!
ETH overall still maintains a fluctuating trend. After a short-term rebound, prices have fallen again, and there is still heavy selling pressure above. The probability of breaking through is gradually decreasing. Pay attention to the support range of 2430-2400; if it does not break down effectively, the price may rebound again after touching it. Keep a close watch.
$ETH's fundamentals have 'changed.'
Looking at the data, the fundamentals of $ETH haven't changed much, but indeed from the perspective of ETH holdings, high-net-worth investors holding over 1,000 ETH have started buying in large quantities since early November 2024, and for a long time, many of them have been stuck, but there are no signs of outflow; instead, they keep buying as prices drop.
Meanwhile, small-scale investors holding less than 1,000 ETH have been mostly selling this year. When it broke below $3,300 in early February this year, we could see small-scale investors making some bottom-fishing attempts, but now most of them have exited.
Overall, ETH remains highly correlated with the Russell 2000, while in terms of direction, it has a strong correlation with BTC and the S&P 500.
Although it is currently not altcoin season, the altcoin season will eventually come. The market phase logic is as follows:
1. Bitcoin Stage: Capital flows into BTC, and ETH begins to compete with and surpass BTC (recently, ETH has risen from 1750 to over 2700, outperforming BTC's fluctuation of 101,000-105,000).
2. Ethereum Stage: ETH outperforms BTC, sparking discussions about 'market cap surpassing.'
3. Large-cap Coin Stage: Large-cap coins rise parabolically, and strong fundamentals kick off altcoins.
4. Altcoin Season: Large-cap coins show topping signals; mid/small/micro-cap coins rise broadly, MEME coins dominate, and market frenzy ensues.
Currently, BTC is fluctuating after breaking 100,000, while ETH is strengthening against the trend. Be patient and wait for a bull market; don't miss the opportunity to position.
In terms of mainstream coins:
BNB: It is still fluctuating and correcting with the overall market, nothing special.
XRP: The previous surge has mostly retraced, and it may follow the overall market for a small rebound soon.
SOL: Performing quite well; although it has dropped a bit recently, overall it has held up relatively well, and there may still be some upward potential after stabilizing.
DOGE: Also mainly pulling back, but after stabilizing, there may be a chance for a small rebound.
AR: Still following the overall market correction, not much change.
UNI: Mainly oscillating, with a slightly weak trend.
So far, MEME and AI are still the focus, and these two sectors have also seen significant gains. In this cycle, MEME and AI remain the mainstream narratives; as I said, eat and run.
Early this morning, Musk changed the nickname of X to 'Kekius Maximus' and changed the avatar, driving the meme coin $KEKIUS to soar.
$KEKIUS on the Ethereum chain has risen from 26M to 60M.
The major IP related to Musk still belongs to the Ethereum chain.
At the same time, perhaps everyone hasn't noticed that both Musk's avatar and $KEKIUS are actually frogs.
FROGGER has both the narrative of V God’s holding position (most likely to upgrade the narrative and be empowered) and Musk's support, with limitless prospects. It shows a stable position around 7M; I believe 10M is not too far from here. The market makers seem very experienced and proficient in the $ETH chain.
At the time of the recommendation on May 11, the price was: 1.1M, with an intraday high of 7.54M, successfully achieving a 7x return. Those who followed along have all profited, right?
The major IPs that survive on the Ethereum chain are all large-cap projects.
Ethereum does not roll, does not pump; more concentrated funds and continuous construction will yield great results. Stay tuned.