ETH breaks 1600! The target for the dog fund is revealed!
The latest price is hovering around 1588 with a spike, a 2.3% increase supports the market, but there is a problem with the COMP/USDT asset, it might be a platform display bug. The middle Bollinger Band at 1566 provides support, while the upper band at 1593 is a strong resistance; currently, the price is sticking to the upper band, and if it doesn't break 1593, a pullback to the middle band could happen at any time. In terms of volume, red and green bars are battling each other, and a net inflow of 550,000 USD indicates that the dog fund is secretly accumulating.
On the news front, it is said that several institutions are adjusting their ETH positions in preparation for the second round of ETF reviews, and the on-chain Gas fees have suddenly skyrocketed, with several Layer 2 projects starting to take action again. Personally, I judge that the market is likely to oscillate at a high level during the day, and the key is whether the resistance level at 1590 can be broken with volume; stabilizing above 1600 will open up space.
Pay attention to the sell wall on the right side, where 2.66M short orders are piled up around 1588, indicating that there are big players suppressing the price.
The market is always changing, and our thinking must also change. Recently, I will also position myself in a weak currency, expecting a drop of 500% is not a problem!!
