Bollinger Bands squeezed into a line, both bulls and bears must kneel and call dad!

The trend of ETH is clearly the bears have set up mortars under the castle of 2500!

News flash (latest on June 5)

  1. SEC strikes again: BlackRock's Ethereum ETF delayed again

  2. Whale dump: on-chain evidence of a miner depositing 20,000 ETH to Binance

  3. Macro blow: The Fed hints "don't expect rate cuts before September", risk assets collectively lie down

Technical analysis

  1. Bollinger Bands squeezed to a needle point

    • The upper and lower bands are crazily narrowing to within 500 dollars (upper band 3000.00↘lower band 2500.00), creating the narrowest record since April! Remember May 12: after a similar squeeze, ETH plummeted 11% in one day, history is repeating itself

    • Price is being firmly suppressed by the midline 2686.50 - four attempts to surge in early trading were all shot down, piles of bull corpses!

  2. Main force orders show fangs

    • 2607.40 is pressing against tens of thousands of sell orders (commission ratio -0.58%), the transaction price keeps rubbing against this but cannot break through.

    • Beware! This "order pressure not breaking" structure is eerily similar to the night before last year's FTX collapse...

Life and death level watching mantra

Bull's ghost gate: 2686.50 (midline)

Short nuclear button: 2500.00 (breaking directly points to 2000)

Miracle reversal condition: a single 4-hour K-line breaks through 2686.50 with high volume and stabilizes for 3 K-lines

Last

Brothers! This market is just a repeat of the 2023 banking crisis -
Do you want to eat meat with Crow Brother's short at 2607.40? Or hold long positions and wait for zero?