Can ETH break through the previous high and reach a new historical height?
Technical trend analysis
The 4-hour level is in the rising channel, and the lower track is tested many times, while the middle track is under pressure. This shows that market sentiment is not consistent. Although there are certain differences, the fluctuation is small.
This week, the K-line closed above 4,000 points, and the K-line pattern can continue to maintain a strong pattern.
From the monthly line, if the current trend is maintained, a little stronger can break through the historical high.
Although it is currently at a pressure point, the trend is healthy and all selling orders are taken. With the emergence of favorable sentiment factors and the inflow of funds in the future, it will soon reach a new historical high.
Market sentiment analysis
- On the one hand, as the price of Ethereum rises, some profit-taking has occurred in the market. For example, large investors such as Justin Sun deposited a large amount of Ethereum in the exchange, reflecting that the market's profit-taking atmosphere is becoming stronger, which has affected the market's bullish sentiment to a certain extent.
- On the other hand, Ethereum's recent strong performance and its strong technical support and wide application scenarios, such as applications in decentralized finance (DeFi) and non-fungible tokens (NFT), have made some investors optimistic about its long-term development.
Fund flow analysis
- Ethereum spot ETF has continued to record net inflows since the US election, with a net inflow of US$534 million in a single week. Among them, Fidelity's FETH and Blackrock ETHE funds attracted US$199 million and US$306 million respectively, showing that institutional investors are very interested in Ethereum.
- Recently, large investors have net inflows of more than 97,000 Ethereum, worth about $298 million, indicating that institutional investors still have confidence in Ethereum, and their large-scale accumulation behavior may trigger a follow-up effect in the market.
- In the past week, the net outflow of Ethereum from exchanges reached $1.12 billion, reflecting that retail investors continue to increase their holdings and tend to hold them for the long term. This continuous outflow of funds usually indicates a stable upward momentum.
