ETH may face a bloodbath tonight
I just analyzed today's 1-hour K-line of ETH, and my heart skipped a beat. The MACD death cross came unexpectedly, and the green bars are expanding wildly; this bearish signal is too glaring.
On-chain data is even scarier. Whales are frantically selling at the 2480 high, and the amount of ETH flowing into exchanges has skyrocketed by 300%. Federal Reserve officials suddenly turned hawkish today, stating that interest rate hikes are not over. The Nasdaq futures plummeted by 2%, and the crypto market is closely linked to the US stock market, making it hard for ETH to escape the fallout.
From a technical perspective, within the BOLL band, as soon as the ETH price retraced, it was violently hit by the upper band at 2471. Currently, it is facing resistance at 2442, with the MA7 moving average pressing down at 2444, and the MA30 moving average at 2431 being the last support. In the MACD, DIFF and DEA are diving, and the -11.54 green bar is a bearish blade.
If whale selling spreads, ETH could instantly drop below 2400. DeFi platforms with over 500 million U of ETH collateral positions are on the brink of liquidation; falling below 2420 will trigger a chain liquidation. Prediction: Tonight, ETH will either hold at 2431 and rebound (very low probability) or directly plunge to 2414 or even 2380. This wave of decline will be a bloody massacre!
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