Tonight, the Ethereum market is likely to stir up a big storm!
Friends in the crypto circle, keep your eyes wide open! The current ETH trend is simply a well-designed "fishing" game — the price is stuck at $1940, looking like it wants to rise, but there are 4 million ETH trapped above it, like a mountain pressing down. Want to go up? Every step could result in being hit hard by the selling pressure.
I have gone through the on-chain data many times and found that the main players behind this are playing quite skillfully, using the old tactic of "surrounding the point and attacking the rescue."
Above $2700, that's a "minefield" that you shouldn't even touch. Looking at the latest chip distribution map, 26,000 big addresses have hoarded 4.1 million ETH between $2700 and $3200. These trapped chips are like ticking time bombs; once the price rebounds to $2600, they could collectively explode, leading to panic selling.
There's still some distance from this "minefield," but the bullish signals on the technical side are already quite obvious. On the 4-hour chart, the short-term moving averages are still above the long-term moving averages, but the MACD's red bars have not expanded for many days; this is a typical "old duck head" pattern, indicating that the market may change.
Worse yet, the RSI indicator has started to move sideways after reaching a high position, which is a typical "top divergence" and a dangerous signal!
On-chain funds are also fleeing in large numbers. In the past few days, 180,000 ETH have flowed into exchanges, with a large sell order of 72,000 ETH hanging at the $2700 price level on Bitfinex.
At this time, don't be fooled by the "big pie" drawn by the whales. Once the price falls below $1900, the next support level is $1850, which is the cost basis for old miners in 2023. On-chain data shows that there are 2.12 million ETH buying orders supporting this level.
Are you trapped? When to buy the dip? As always, if you're confused and unsure of what to do, click on my avatar to comment. I need followers, you need references!!
