[Divine Turtle Ethereum Battle Report] May 28th ETH Long and Short Meat Grinder Market Analysis
Dear friends, I smelled blood as soon as I opened the market this morning. This roller coaster market for ETH is quite thrilling.
From a technical perspective, the 15-minute chart is playing in a range of $2630-$2680, with the MACD being suppressed by the zero line after a death cross at 3 AM. The EMA30 moving average is like an iron plate pressing down on the price, making it hard to breathe.
Focus on the life-and-death line at $2578. If the position tested last Wednesday breaks, the bear army may charge straight towards the strong support zone at $2520.
On-chain data reveals hidden truths: last night, the whale address 0x8c3 dumped 32,000 ETH on Binance, creating a selling pressure valued at $84 million that directly shattered market sentiment.
Glassnode monitored a 12% surge in exchange inventories, combined with the concentrated delivery of 3,500 put options at $2650 on Deribit. The market makers are smoothly executing this "spot selling + options harvesting" scheme.
A sudden black swan news: the SEC unexpectedly delayed the approval of the Vaneck Ethereum ETF this morning, which shattered market consensus. To make matters worse, Vitalik was exposed for secretly transferring 26,000 ETH to Kraken last November. Although the team clarified it was a charity fund operation, retail investors have already voted with their feet— the Fear and Greed Index plummeted to 39, hitting a new low in nearly two months.
Divine Turtle's exclusive analysis: Currently, the 4-hour Bollinger Bands opening rate is at 7.8%, and such extreme market conditions often accompany a trend change.
I personally predict that the main force will repeatedly wash the market in the $2550-$2600 range. A contract open interest exceeding $5.1 billion indicates that both longs and shorts are preparing a big move.
I suggest spot traders place orders at $2520 to ambush and buy the dip, while contract players should pay attention to the resistance level at $2670, keeping a stop loss of $20 for counter trades. Remember, the liquidation volume during a crash is the best indicator of market direction!
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