ETH breaks $3000! I reduced my position last night, how far can this wave go?
$ETH surged straight to $3000 last night, rising 6.78% in 24 hours, with a market cap of $357.6 billion and a trading volume of $32.5 billion. This data looks quite impressive; I monitored the market until midnight, my hands were shaking, this rise was too rapid, and there wasn't even a chance for a pullback, the bulls directly knocked out the bears.
Why did it suddenly rise so fiercely? Mainly because $BTC rose first, and funds followed into ETH. Additionally, in July, ETF net inflows exceeded $358 million, platforms like Robinhood started ETH staking, and institutions entered the market in large numbers, the ETH available on exchanges is almost sold out. Moreover, with DeFi locking up over $80 billion and NFTs selling $120 million in a day, the ecosystem is booming, and prices are naturally rising.
Is $3000 a peak or a beginning? The key position is between $3000 and $3100. If it stabilizes at $3000, the next target is $3200, and it might even surge back to the historical high of $4891.
But if it falls below $2692, there could be a short-term correction. My strategy last night was: reduce 30% at $3000 to lock in profits, if it couldn't break through $3100, reduce another 40%, and if it rises and pulls back to $3000 without breaking, I would exit the rest. As a result, the market didn't give any opportunity and directly surged to the $3000 threshold, so I could only follow the plan and exit part of my position.
On-chain data shows that 2.86 million addresses are trapped around $3000, with an MVRV ratio of 15.6%, indicating that many people are already making a profit, but the open contracts have also skyrocketed to $24.08 billion, and institutions are still adding more. This market now rewards the bold and punishes the timid. If you dare to chase, it dares to rise; if you fear the high, it goes even higher.
Are you trapped? When to bottom fish? It's still that saying, feeling lost and helpless not knowing what to do, click on my avatar to follow me. I need fans, you need references; guessing is not as good as following!
