The crypto world is like a battlefield, surging and plummeting in the blink of an eye; today’s ETH script is a suspenseful tug-of-war between bulls and bears. If you don’t have some guts, don’t play this game!
Dear friends in the crypto world, I am Mr. Jin. Today, let's analyze the trend of ETH. Looking at the chart: the 4-hour K line of ETH/USDT is simply a 'frustrating little demon'—the price is stuck around $2458, with a pressure point at $2480 looming above (resistance level) and $2430 below like a lifeline (support level). The MA5 moving average (yellow line) is holding the price at $2458, but looking at the trading volume, it has shrunk like a deflated balloon, averaging only 130 million compared to yesterday’s 180 million, a significant drop. What does this indicate? The market is playing dead! Both bulls and bears are waiting, and no one dares to go all-in. From the BOLL indicator, the price is swaying near the middle track, and the KDJ indicator is 'lying flat' around 50, with unclear direction. To summarize: ETH is playing a 'patience game', unable to fall sharply or rise vigorously, but slowly climbing within a fluctuating range. The rebound marked by the green arrow proves that the bulls still have some breath left.
However, there was a surprise in the news this morning: US SEC Chairman Gary Gensler's speech (reported by CoinDesk) stated that 'innovation in crypto assets is irreversible', and he also mentioned the DeFi potential of Ethereum. This caused quite a stir in the community, and ETH responded with a 1.5% increase, briefly reaching $2470. Why is this good news crucial? Because it reassures investors—concerns over the delay of the ETH ETF have been alleviated, and large institutions may be ready to enter and buy up. But I warn you: don’t be fooled! Such news is a double-edged sword. Last November, after a similar SEC good news, ETH surged from $1500 to $2000 but then plummeted to $1200 due to the Fed's interest rate hike. The case is clear: in the crypto world, 'seeing the light leads to death' is all too common, and this rebound may just be a smokescreen.
From a personal perspective, I am optimistic about ETH in the short term, but I’m a bit nervous in the long term. Why? This rebound lacks volume, just like the 'false peak' during the DeFi Summer of 2023—at that time, ETH was consolidating around $2000 with shrinking volume, and as a result, the market maker executed a 'violent wash', causing the price to breach support and leading retail investors to scream in despair. I experienced this firsthand; my position was heavy then, and I almost got liquidated, and the psychological shadow still lingers. Did you know? I, Mr. Jin, have been trading ETH for nearly 5 years, and every time the market is sluggish, I remind myself: don’t act emotionally! But this time, watching ETH play this 'hesitant rise' game, I’m actually a bit excited—after all, opportunities often hide in times of market panic. This morning, I added a bit at $2450, but only dared to play light, setting my stop loss below $2430. Why? Because of the wise words of crypto giants: 'In a bull market, you earn faith; in a bear market, you earn chips.' ETH is currently in the bottom grinding stage; if it breaks $2480, I will follow in; if it breaks $2430, I will run.
Overall, ETH today is a 'technical recovery under news stimulus', and the market is walking on thin ice. The macro situation is still hanging in the balance: tonight's Federal Reserve meeting minutes (to be released later), if dovish, ETH might surge; on the contrary, we must guard against black swans. I predict: there’s a high probability of sideways movement from afternoon to evening, but a change is imminent—weekly K lines show strong pressure at $2500, how many brothers are trapped here over the past six months? Just thinking about it is heart-wrenching!
Hey friends, did today's ETH show make you sweat? Share your thoughts in the comments: should we buy at $2450 or take profit at $2480? Share your brilliant moves, and I, Mr. Jin, will randomly select three of the highest liked comments to send a technical analysis resource package on ETH! Don’t hold back, the market relies on everyone’s support.
Twelve years in the financial world, exclusive secrets from the pioneers of the crypto realm: insight into the market, moving forward steadily, follow Mr. Jin to learn how to increase value steadily. The risks and opportunities coexist in investment; blind operations are a big taboo in the crypto world! Mr. Jin steadily doubles down on orders, low leverage, private contracts.