Bloodbath! ETH plummeted nearly 200 points in just a few minutes, this round of reshuffling is too brutal!
At 20:15, ETH suddenly performed a vertical dive, with a five-minute candlestick producing a "black hole level" large bearish line, violently breaking through the critical psychological level of 2548! The flash crash from 2544.09 to 2497 took just three bearish candles, and the MA7 moving average collapsed like a poorly built project. This needle-like plunge turned the bullish defense line from the "Maginot Line" into the "Dunkirk Evacuation"!
(Latest market dynamics: According to Coinglass data, the liquidated amount of ETH in the past 24 hours has exceeded $520 million, with long position liquidations accounting for as much as 58%. The cleaning force of this wave far exceeds last week's CME delivery market!)
Looking closely at the trading method during this decline, the MACD green bars show a "waterfall-style" expansion, and the RSI indicator is playing a "false death" trick in the oversold area, showing no signs of divergence at all. The most ruthless part is the trading volume — the volume of the bearish candle at 20:15 directly hit 57.9k ETH, this is no ordinary selling pressure! Clearly, institutions are playing a "naked dump" at the exchange!
The price is currently stuck in a range between 2533 (previous low support) and 2544 (downward trend line), at first glance it looks like a continuation of the decline, but there are hidden secrets. Notice that the MA30 moving average has already moved down to the critical level of 2512, which is the golden ratio point of the bull-bear dividing line from last September! If this "Maginot Line" is breached, the 2400 integer level below will reenact the "Dunkirk Evacuation"!
The main force's manipulative operation is simply amazing: during the day, they used horizontal consolidation to wear down the bullish will, and at 20:15 suddenly initiated the "nuclear-level" liquidation program. Those who were holding long positions around 2548 must be left with nothing now! Even more absurd is the tactic of trading time for space, turning the 2500 - 2550 range into a meat grinder, specifically targeting all the "stubborn bulls".
The best strategy right now is to play dead to the end! Don’t get tempted by the small rebound near 2533; this kind of low-volume pullback is a "retail trap" set by the operator. Remember: without a volume breakout above 2550, all rebounds are just tricks! Those brothers looking to bottom-fish, entering now is just a sacrificial act for the main force!
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