3600 is just the beginning! Is the next step really to push to 4000? Recently, the second coin's market has been like riding a rocket, while the first coin is still gasping at the mountain top; the second coin has shown an independent market trend, rising 25% in a week, leaving the first coin in the dust.
On the news front: The institutional buying spree shows no signs of stopping.
1. BlackRock is making moves, ETFs can now earn interest.
BlackRock officially applied last night to allow its Ethereum ETF to stake! Simply put, it's locking assets to earn returns, similar to earning interest. If this gets approved, the $7.7 billion ETHA can provide traditional large funds with some passive income—institutions love this kind of easy profit model. Don't be fooled by Fidelity and others already applying; when BlackRock steps in, the market immediately reacts positively, and the main reason ETH surged to $3600 today is because of it.
2. Wall Street is flooded with money, ETFs absorbed $727 million in a single day.
Yesterday, U.S. ETH spot ETFs saw a net inflow of $727 million, setting a six-month record! BlackRock's ETHA alone accounted for $171 million, with institutions buying like grocery shopping. Even more impressively, since May, total ETF inflows have broken $3.27 billion, and corporate treasuries have acquired 570,000 ETH; this level of buying pressure simply can't be suppressed.
3. Policy support: The U.S. Congress passed three cryptocurrency bills.
The House just passed the (CLARITY Act) (GENIUS Act) and other major cryptocurrency legislation, establishing rules for stablecoins and asset custody. The clearer the regulations, the more willing institutions are to enter the market, especially traditional companies can now buy ETH for their financial reports with more confidence.
Lao Zhao's viewpoint: The news is all pouring oil on the fire. Even if BlackRock's staking application hasn't been approved yet, just the expectation is enough to spark a wave; ETF funds are like a floodgate opening, and there's no end in sight in the short term. As long as there are no sudden negative news tonight, institutional FOMO will only get crazier.
Technically: Overbought but the trend is strongly bullish.
1. Price violently breaks through, shorts are getting crushed.
ETH rose 7.7% in 24 hours, peaking at $3604 today, breaking through the key resistance level of $3500, which was also the previous high in October last year.
Clear movements from on-chain whales: two mysterious addresses '0x9684' and '0x35fb' have swept up $400 million in ETH on exchanges, clearly betting on further price increases.
2. Indicators overheating? A pullback could be a buying opportunity.
RSI-7 has surged to 93.7 (seriously overbought), historically this position is prone to short-term adjustments.
But on-chain supply is dwindling: exchange ETH reserves are down to 19.7 million coins, with a net outflow of 147,000 coins yesterday, as both retail and institutional investors are hoarding coins, resulting in very little selling pressure.
3. Derivatives market: Bulls maintain a strong advantage.
Although futures open interest has risen by 4.18%, the funding rate is only 0.0096% (close to neutral), indicating that bulls are not overly leveraged. In this structure, the risk of a sudden drop is low, while short covering will help drive prices up; $167 million in short positions have already been liquidated today.
Lao Zhao's viewpoint: Technically, there is indeed a need for a pullback, especially with RSI hitting extreme levels, but the trend is dominated by bulls. $3500 has turned from resistance to support; as long as it holds here tonight, the target is straight to $3800~$3900. If it dips to around $3400, it may actually be a short-term buying opportunity.
Lao Zhao's prediction for tonight.
Core scenario: first crouch, then leap; looking to reach $3700 before dawn. Overbought indicators may trigger a wave of profit-taking, but institutional buying and short covering will quickly support the price, making a late-night rally likely.
Spotlight observation:
Positive news: If there are new developments in the Nasdaq staking proposal or BlackRock's application, it could directly break $3700.
Risk: If Bitcoin suddenly crashes, it could drag ETH down.
Operation reminder: If the trend is still there, don't short easily; in a bull market, being overbought can get even more overbought! Follow Lao Zhao for daily strategies to get in early!#ETH突破3600 #山寨季何时到来？ $ETH
