A bullish candlestick breaks through previous high resistance, with a single-day increase of 5% backed by $700 million in ETF ammunition and the astonishing layout of the giant whale at a $2885 cost basis!
At 9 AM this morning, the ETH/USDT one-hour chart showed a bullish engulfing candle, with the price surging to $3624, reaching a new high since January this year. This marks the third consecutive day of violent surges for ETH, with a monthly increase nearing 40%. This kind of price and volume breaking previous highs is not something retail investors can generate—real institutional forces have entered the market!
1. Who is pushing up ETH behind the scenes?
1. $730 million ETF funds locked in circulation: In July, Ethereum ETF net inflows exceeded $726 million, setting a monthly record! Just yesterday alone, $717 million flowed in, with BlackRock's ETHA capturing $489 million. Once these funds are allocated, they tend to be long-term, leading to a sharp reduction in circulating ETH (ETF holdings now account for 4% of the circulating supply), making it easy for prices to rise and difficult to fall under exhausted selling pressure.
2. Mysterious Giant Whale $2885 Accumulation: At 8 AM this morning, a certain institutional address withdrew 15,000 ETH from Kraken. Even more aggressive, this whale has accumulated a total of 103,000 ETH since July 10, with a cost of only $2885, and has now made a profit of $63 million! Such large withdrawals directly drain the liquidity of exchanges, making it difficult for short sellers to find ammunition.
2. Technical Analysis Releases Key Signals
Cup and Handle Pattern Reenacting Bull Market Script: The daily ETH chart is replicating the classic cup and handle structure from the end of 2023. This morning, after breaking through the previous high resistance at 3624, technical analysts are betting on a push to $3800-$4000.
Bollinger Bands Open Up to Force the Market: The one-hour chart has broken through the upper band, but the daily level is already overbought (RSI=79). Old Zhao's view: A short-term pullback is inevitable, but a retracement to 3529 (yesterday's peak) or 3540 (gap) would be a good opportunity to add positions—the time support at 3540 this morning has hinted at the main defense level!
3. Beware of Two Risk Points
1. Profit-taking pressure is building: Although the MACD histogram has expanded to 18.13, the actual trading volume of the bullish candlestick this morning (858,000) was below expectations (877,000), indicating insufficient follow-through. If the previous high of 3624 cannot be broken after continuous attempts, some bulls may flip.
2. The Bloodsucking Effect of Altcoins Begins to Show: XRP and SOL have both risen over 5% during the day, with some ETF funds having overflowed into small and medium-sized coins. If ETH remains stagnant, hot money may be diverted to SOL, DOGE, and other targets.
When traditional institutions have consumed 4% of the circulating supply through ETFs, and when the giant whale with a $2885 cost basis shows a 60% profit but does not cash out, do you still think this market movement is just hype? The real wave of altcoin season may have just begun to awaken the hesitant!
We have also successfully seized the opportunity, with a profit space of a full 200 points! In a one-sided upward trend, hesitation leads to defeat! Supported by a top-tier team, we only serve ambitious madmen.
