The market continues to correct, and Ethereum briefly fell below 4200 USD, but by the time I wrote this article, the price had basically recovered. If it can stabilize above 4200, the short-term trend would still align with my previous judgment - as I mentioned yesterday: 4200 has support, but it might break down in the short term.

Currently, the hourly K-line is still in a downward channel, especially the support at 4200 is not strong, with the real strong support area being around 3600 below.

Therefore, if this downward structure remains unchanged, the 4000 level could indeed be breached. Technically, Ethereum needs to rebound and stabilize above 4400 to break this current correction trend. We have to admit that in the next few days, the bears still have the upper hand.

The number of Ethereum waiting to exit staking currently stands at 900,000 coins, which is the peak since Ethereum switched to the PoS mechanism. This reflects that investors' panic sentiment is not light - unlike passive panic during declines, it is more out of active concern about profit retracement.

On the other hand, several Ethereum strategy institutions have been continuously buying. For example, 'Big Brother' BNMR bought 370,000 coins in the past week, and SBET also increased its holdings by 140,000 coins. This can be regarded as a classic 'mutual SB' scene, except the protagonists have changed to traditional large holders of ETH and U.S. stock institutions.

Even though Ethereum is still in a correction trend right now, I still tend to be bullish. At least, time is still on our side. Why do I believe there might be huge opportunities in the second half of the year?

The key is that this round is driven by institutional funds from the U.S. buying Ethereum. Companies like BNMR and SBET, regardless of how they raise new funds, represent a positive outlook on Ethereum, equivalent to indirectly holding ETH. We have actually seen similar situations multiple times, such as during the Grayscale Trust and spot ETF periods - at that time, BTC's performance had already shown us the power of U.S. stock funds.

Ethereum's current market capitalization is still far from entering the ranks of mainstream tech companies, but I believe a breakthrough is likely in the second half of the year. As long as funds continue to flow into U.S. stocks, the target of 8000-10000 remains achievable. The reason I emphasize 'U.S. stock funds' is that companies like BNMR and SBET, based on their market capitalization and liquidity, can easily complete new financing on the scale of hundreds of billions.

Finally, I want to say that the cryptocurrency market is no longer the wild era of earlier years, where projects achieving dozens of times growth are becoming rarer. Instead, after institutions entered the market, it has become difficult with opportunistic tactics everywhere. Ethereum is undoubtedly the most promising opportunity in the second half of the year, and a potential path for large funds to double their investments.

Of course, no one can be 100% certain, but looking at the current cryptocurrency market, I really cannot find a better quality target than Ethereum. I myself started buying below 3000, with an average cost in the 2000s, and I know many people have persevered through the downturn. If the final average selling price does not reach 2-3 times, to be honest, it would be regrettable.

After all, this is Ethereum.

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