5.23 $ETH Ethereum Market Analysis

1. The current resistance level is between $2670-$2700 (double top pressure), and the support level is in the $2440-$2500 range. If it breaks below $2440, it may trigger further corrections below $2400.

The MACD shows a top divergence and has formed a death cross, KDJ is neutral, and RSI (68) is approaching the overbought zone, indicating increased short-term correction pressure.

2. Institutions and On-chain Data

- Whales continue to hoard coins, accumulating 450,000 ETH in the past 30 days, with exchange reserves decreasing by 1,000,000, reducing long-term supply and supporting prices.

- Institutions like BlackRock are entering with proposals for ETH ETF staking, but the SEC's approval results are approaching (May 23-24), raising market concerns about short-term volatility risks, with high short leverage positions.

3. External Event Risks

- The SEC's decision on the Ethereum ETF is the focus; if not approved, it may lead to a price drop to $2400; if approved, it could trigger a short squeeze, pushing ETH towards $3000.

Short Opportunity: If the price rebounds to the $2670-$2700 resistance range, consider shorting with a light position, placing a stop loss above $2730, and targeting down to $2550-$2500.

Long Defense: If the price stabilizes at the $2500 support, consider gradually building a position in the $2430-$2450 range, with a stop loss at $2400 and a target of $2600-$2650.

4. Mid to Long-term Layout

If ETH stabilizes above $2500 and breaks through the $2700 resistance, consider following up with long positions, targeting $3000 (CME gap) and beyond.