ETH's hourly chart is about to experience a major event! Bears may strike hard
I've been watching the market for a full ten hours, and now I must reveal the truth I've seen!
The technical indicators are horrific:
All moving averages are perfectly aligned downward, this is the standard bear formation!
The massive sell-off from 2569 shows enormous trading volume, indicating a genuine dump!
The subsequent rebound in volume is tiny, like an ant, purely a smokescreen released by the bears to deceive! Only a fool would believe in such a weak rebound!
Don’t listen to nonsense about MACD golden crosses or RSI corrections! In a downtrend, these kinds of rebounds are 90% likely to be traps set for retail investors by the big players! If there was a real intention to push prices back up, it should have broken through the 2450 resistance level long ago! And now? It can't even hold 2430, it's incredibly weak!
The news and on-chain data are even scarier:
The external environment is terrible, the Fed's interest rate cuts are fluctuating, Bitcoin is hesitating around 100k, and ETH is tightly bound to Bitcoin, directly dragged down!
On-chain data is even more alarming! Big whales, after being trapped at 2600, are playing dead and not moving. Looking at the abundance of coins in the exchange, that's not hoarding at all; it's retail investors scared and catching falling knives! If there were real funds wanting to pump the price, it would have already pushed the price back to 2500! The current situation means that the bears are sharpening their knives, waiting to strike!
Follow me! I watch the market for eighteen hours every day, specifically to unveil the tricks of the big players!
Intraday focus: BCH BTC ETH FUN