The EU MiCA regulation is officially launched! $ETH is defined as a 'technical asset', triggering a buying spree!
Today's 1-hour ETH candlestick chart shows a price rebound approaching the key resistance level of 4957.67. MACD divergence and KDJ overbought conditions create a bearish resonance, but the moving average system still maintains a bullish arrangement, and trading volume has decreased after the rebound, indicating insufficient buying power.
In news, the Ethereum Foundation is promoting the Proto-danksharding upgrade, the SEC approved three ETH spot ETFs that raised $830 million in the first week, BlackRock needs to purchase 15,000 ETH daily, and the EU MiCA regulation classifies it as a technical asset.
On-chain data shows that Glassnode's active addresses have surpassed 1.07 million, exceeding the 2021 bull market, and the NVT ratio at a historical low suggests that the price is undervalued. However, the exchange inventory surged by 12% in three days, and market maker Wintermute's continuous top-ups indicate short-term selling pressure.
Currently, attention should be paid to the breakout situation at the 4957.67 resistance level. If effectively broken, it may trigger short-seller stop-losses, pushing the price towards the $5400 area; conversely, one should be cautious of a chain reaction triggered by the loss of the $4311 support level. In the long term, the DeFi TVL breaking $80 billion and the growth of institutional ETF holdings constitute strong support.
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