BlackRock has just moved more than 100 million dollars in Ethereum to Coinbase and the market is holding its breath because when the Wall Street giant moves, it’s for a heavyweight strategy. 🐋💎

The news has hit like a bucket of cold and hot water at the same time: on one hand, Ethereum had been celebrating a rally following the interest rate hike in Japan, but now that BlackRock deposited 36,579 ETH (about 108.4 million dollars) in Coinbase, many are wondering if they are preparing to sell or simply adjusting their pieces for what’s to come.

And they are not the only ones shaking things up. Arthur Hayes, one of the brightest and most controversial minds in the ecosystem, also sent a batch of ETH to Binance. He clarified that it's not that he is giving up, but rather rotating capital towards high-quality DeFi (Decentralized Finance) projects, looking for those tokens that could explode as market liquidity improves. 🔄🚀

What is really happening with the price?

Although we see ETH battling near $2,980, there is a mix of signals that has us all on high alert:

  • Little strength in the market: Direct purchase volume (spot market) dropped by 52%. Basically, there are fewer people buying the actual asset to hold. 📉

  • Risky bets: Unlike real purchases, open interest (derivative contracts and leverage) increased. This means that traders are putting a lot of pressure with borrowed money, which can cause a lot of volatility if the price moves quickly. 🎢

  • Danger zone: Technically, we are trapped in a "corridor" between $2,790 and $3,000.

    • If we break down below $2,790, get ready, because the drop could be strong. ⚠️

    • If we manage to close above $3,000, the pessimism will fade and we could see an interesting lift-off. ✈️

The money flow indicator (CMF) tells us that capital is leaving more than it is entering, so the selling pressure is real. Institutions like BlackRock have the upper hand and their move to Coinbase could be the fuel for the next big move, whether up or down. 🧐

Are we witnessing an institutional profit-taking before a drop, or is it just the necessary cleanup before Ethereum finally breaks the three thousand dollar barrier to not look back?$ETH