Technical analysis strikes: Why can't it break through no matter what?
A mountain of sell orders looming overhead
The row of numbers on the left side of the image (2879→2780) represents layers of sell orders, especially with large orders piled above 2870, pressing down on the price like a mountain. Every time ETH rushes to the upper Bollinger Band (around the 2860-2880 range), it gets pushed back by these "sell walls," and the last two attempts to break through have resulted in severe setbacks!
Buy orders are as weak as paper
Buy orders on the right are concentrated around 2769 (just a few scattered orders), which cannot be compared to the sell order volume above. The main force clearly does not want to push with real money; they are obviously waiting to pick up chips at a low price!
Large transactions hide tricks
The bottom "latest transactions" show that large orders are being executed around 2769, indicating that the main force is secretly accumulating at low positions. They intentionally do not follow the buying during the upward movement, instead quietly accumulating during the downturn—this is a typical "suppressing the market to accumulate chips" tactic!
News support: Three major bearish factors hold it back
ETF funds have cooled off
Although the Ethereum ETF has been approved in the US, the inflow of funds is far less than that of Bitcoin, and large institutions are still waiting and observing. Without real money pushing it, how can retail investors push against the mountain of sell orders?
Whales collectively playing dead
On-chain data shows that large addresses have been transferring ETH to exchanges (to facilitate dumping), but very few have withdrawn to accumulate. It's clear they are waiting to sell at higher prices; pulling up the price now is equivalent to making them a wedding dress!
The Federal Reserve's hawkish stance scares the market
Last week, the Federal Reserve hinted at "possibly continuing interest rate hikes," causing global risk assets to tremble collectively. For a high-volatility asset like ETH, large funds naturally retreat to avoid risks.
#看懂K线
Is your principal shrinking again? Follow me, and I'll teach you how to expose the tricks of the market makers step by step!
$ETH