ETH is currently stuck around 2275, caught between a rock and a hard place, but from the on-chain + technical + news breakdown, the truth cannot be hidden!
Technically, the 1-hour Bollinger Bands are converging, and the MACD green bars are shrinking with a golden cross expectation, indicating a decline in bearish momentum; if on-chain data shows continuous outflow of ETH from exchanges signaling a bottom-fishing opportunity, combined with the anticipated support from the Cancun upgrade progress, after short-term fluctuations, once it breaks through the 2300 resistance, it is expected to pull back to the key level of 2400; however, if it loses 2250, the 2200 lower Bollinger Band will become the lifeline for bulls and bears!
Now is the critical point where the battle between bulls and bears is most intense. Want to accurately grasp the direction?
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