🚨 Is ETH waiting for the wind? Analysis of key market points!
Recently, Ethereum (#ETH ) has been a bit sluggish, dropping 1.27% daily, currently hovering around $2,512. But don't rush; it is still firmly holding above the key support level of $2,383, and not far from the important resistance of $2,824.
📈 Attention chart enthusiasts! A classic inverted head and shoulders pattern is brewing.
Since March, ETH's daily chart has slowly formed an 'inverted head and shoulders' pattern—this is a classic bullish signal. If it successfully breaks through the neckline (which is $2,824), it may then surge towards the Fibonacci extension levels:
🔹 $2,933
🔹 $3,237
✅ Key: It must break through $2,824 strongly to ignite this bullish trend!
👛 Wallet Dynamics: Large holders are watching the changes, while medium holders are quietly increasing their positions.
🎯 In simple terms: ETH's chips are still being firmly controlled, indicating it may continue to oscillate until the sentiment in one direction becomes stronger to push it.
📊 What does the MVRV data tell us?
MVRV = Current price vs Holding cost, which roughly indicates the level of profitability.
Current MVRV: 23.05% 👉 Recently bought users are making profits! 💰
But the long-term MVRV bullish-bearish difference: -7.71% 👉 Long-term holders are still not out of the woods. 😅
⚖️ This has created a divergence:
Short-term profit-takers are getting more excited, while long-term holders are still waiting… so the market is moving sideways.
⛽ Gas fees suddenly dropped; is this good news or bad news?
ETH's gas usage suddenly dropped from 65 billion ➡️ 55 billion, which indicates two possibilities:
👉 The network has become more efficient.
👉 On-chain demand has decreased. 😬
Currently, this hasn't had much impact on the price, but if it continues to be quiet, bullish expectations may be discounted. Unless it’s just taking a 'break' and will regain activity later~
📈 Address data: More and more people want to get in, but still hesitant to hit the gas?
The number of new wallets has increased by 9.77% 🚀
But active addresses have dropped by 1.35% 😐
What does this explain? Curiosity is piqued, but those who are truly willing to buy and take action are still few.
👉 This is a common phenomenon in the early stages of a market; we need to wait for both to rise together to confirm that the market is really 'moving'!
🔮 Summary: Whether ETH breaks through $2,824 depends on whether the market dares to!
Currently, ETH is positioned for a 'bullish' outlook, but the on-chain data is still 'undecided'.
🧠 The technical side is prepared.
🤝 The emotional side still needs a bit more heat.
If it can truly break through $2,824, and wallets are active with gas fees warming up, then ETH is expected to soar directly! 🚀
Otherwise... we still need to patiently wait for the wind to come. 🌬️
📌 Want to catch the breakout? Remember to keep an eye on $2,824!
📉 If it doesn't break, don't panic; a sideways range can also be played with~
DYOR, manage risk well, and may everyone set sail in the crypto world! 🌊
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