Panic sell-off across the board? Key signal appears at $ETH ! Whales transfer large amounts to exchanges in a single day, is a trend reversal imminent?
From the hourly chart, ETH has fallen from a high of $4642, although it attempted to rebound near $4475, it failed to stabilize and is currently oscillating in a bearish manner below the range of $4497–$4440. Market trading sentiment is noticeably lukewarm, with actual trading volume at only 94,000, far below the 5-day average volume (321,000), reflecting a weak market uptake willingness.
1. Latest technical analysis!
1. MACD remains bearish: DIF and DEA are below the zero axis, and the MACD bars continue downward (-42.91), indicating that the downward momentum has not been fully released.
2. Insufficient volume: Actual trading is below the estimated trading volume (143,000), showing a lack of momentum support for the rebound.
3. Moving averages are in a bearish arrangement: Prices have fallen below MA5 and MA10, with 4440 becoming a key support level. If there is a volume increase on a pullback, bulls may still have hope; otherwise, bears will continue to dominate the market!
2. News and on-chain dynamics!
1. Macroeconomically, influenced by the Federal Reserve's delayed interest rate cuts and the correction in U.S. stocks, the overall sentiment in the crypto market is cautious.
2. On-chain data shows frequent large address transfers, with some whales possibly testing the waters for accumulation, but not on a large scale.
3. Progress on Ethereum ETFs remains slow, lacking favorable catalysts in the short term, and the trend continues to correlate with the broader market.
4. A large amount of ETH is waiting to exit, presenting high short-term selling pressure risks. Currently, about 2.369 million ETH are waiting to exit Ethereum's Proof of Stake (PoS) network, with a withdrawal wait time of approximately 41 days.
Attention! Ethereum is at a critical point of directional choice: is it a bottoming rebound or a continuation of the downtrend?
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