🔥【Emergency Interpretation | Ethereum Leads Breakthrough, Has the Market's Direction Changed?】🔥
Ethereum rebounded strongly today, once approaching the key position of $3000, becoming the leader in this round of rebound. Although the daily trend has not completely reversed, the continuous weak downward trend has been broken, injecting a shot of adrenaline into the market💪.
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🚨 Key Signal: Is the ETF Selling Pressure Nearing Its End?
Last week's sharp decline, especially the volume drop of Ethereum, was directly related to the concentrated selling by ETF institutions. Data shows that the net outflow of Bitcoin ETFs in the U.S. reached near historical records in November.
However, a turning point may have emerged. When users sell ETFs in large quantities, market makers must first sell coins through hedge accounts before redeeming. The recent observation of large coin transfers by institutions indicates that this wave of redemption and selling pressure is nearing its end. The panic selling in the market may have come to a halt.
📊 Data Confirmation: Positive Signs on Chain and Funding
· Big Players Are Still Bottom Fishing: Despite the gloomy market sentiment, institutions like BitMine continue to accumulate ETH, showing that some large funds remain optimistic about the future market.
· Sentiment Warms Up from Extreme Cold: The Crypto Fear & Greed Index recently hit a yearly low of 10; typically, such extreme fear is followed by sentiment recovery and price rebounds.
· Derivatives Market is Bullish: With the price rebound, the open contract volume of Ethereum has increased, and the long-short ratio on exchanges like Binance is clearly leaning towards the bulls, indicating that traders are starting to bet on further increases.
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💡 Market Outlook: A Resumption of Uptrend After Bottom Fluctuation?
On the technical front, $2,850 has become a key support level for Ethereum recently, while $3,000 - $3,050 is the primary resistance that will determine whether the rebound can evolve into a reversal. If it can effectively break through, the upward space is expected to open up.
As the U.S. stock market gradually stabilizes, the panic sentiment in the crypto market is expected to further ease. The market is starting to realize: the pricing power of cryptocurrencies should not be solely dominated by the flow of ETFs from Wall Street.
Do you think this round of rebound is a continuation of the decline, or the starting point of a new uptrend? Leave your thoughts in the comments! $ETH #美国非农数据超预期 #加密市场回调
