Will the Federal Reserve's decision and mainnet upgrade break the $ETH floor? Or will it become an opportunity for an upward trend!
ETH is currently hovering around 2525. This morning, it opened at 2518, peaked at 2527, dipped to 2513, and closed slightly up 0.27% with a fluctuation of only 0.58%. A typical dead period.
The 7-day moving average is pressing at 2514, and the 30-day moving average is horizontal at 2546. This death cross is directly suppressing the price. The bearish trend is clear.
The trading volume has shrunk like an electrocardiogram. The委比 (Commission Ratio) is -0.62%, exposing strong selling pressure. Looking at the order book, large orders are suppressing small orders, clearly a tug-of-war between bulls and bears.
I am certain that today we will break the 2510 support level. Once it breaks, we can directly look for an accelerated plunge. The upper level of 2530 is a solid ceiling. Without significant positive news or explosive volume, don't expect a breakthrough.
The atmosphere is tense. Any news regarding the Federal Reserve's interest rate decision or the mainnet upgrade could easily break the floor. In terms of operations, it is best to hold back and watch from the sidelines. Only when the 2510 level breaks should we consider trying short positions with a light hand!
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