ETH Today’s Market Analysis: A Battle of Bulls and Bears Amidst Large Volatility
Hello everyone, I am A-Feng, an old hand in the crypto world who has been through thick and thin for many years!
Today’s ETH market is simply a rollercoaster ride, making hearts race. In the morning session, the ETH/USDT perpetual contract surged to around 2568 as if it had been injected with adrenaline, seemingly on the verge of breaking through key resistance.
But the good times didn’t last long; bears immediately fought back, and the price plummeted to a low of 2496, eventually finding strong support in the 2560 area. Now it is oscillating around the 2600 mark.
Both sides are exchanging blows fiercely—this is a typical signal of wide-range oscillation, with clear signs of soaring order volume and transaction volume on the order book, revealing the restless market sentiment.
How would I describe today’s trend? Just two words: Chaotic!
On the news front, several top DeFi applications, such as the V4 version of Uniswap, have officially launched, and on-chain data shows a surge in capital inflow, providing fundamental support for ETH.
But the bad news is that the macro environment is still clouded: the CPI data released by the U.S. last night exceeded expectations, and the rebound in inflation has put pressure on risk assets across the board.
On the Bitcoin side, the volatility of BTC continues to expand, driving instability in the entire crypto market, and ETH, being the second biggest, is naturally affected.
In short, the optimistic sentiment brought by new applications is offset by macro uncertainties, and the battle between bulls and bears has entered a heated stage.
From the candlestick chart, today’s key levels for ETH are very clear: the upper resistance at 2650 is significant, and if it can effectively break through, it may trigger a strong upward movement targeting 2800 USD.
However, the bears are not to be underestimated; although the support at 2560 is robust, once it is breached, the next step may be a dive towards the psychological level of 2500.
Personal opinion? ETH is likely to oscillate in the range of 2600-2630 in the short term, but if U.S. stocks perform poorly tonight, the downside risk will increase.
Be sure to keep a close eye on the depth of the order book and the changes in order volumes; don’t let emotions lead you astray.
Before concluding, let me emphasize again: don’t let the “chaos” of the market blind you. Now is a good time to position yourself, but let the signals speak for themselves!
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