ETH Loses the 1600 Level as Bull-Bear Struggle Intensifies
On September 12, Ethereum (ETH) sharply dropped to 1595 USDT before rebounding slightly, currently reported at 1599.83 USDT, with a 24-hour increase narrowing to 8.24%. Previously, ETH had risen for three consecutive days, breaking the yearly high, but faced selling pressure in the strong resistance zone of 1600-1650 USD, leading the market into a phase of intense volatility.
Technical indicators show that some bulls took profits at the key resistance level, with a sudden increase in net outflows from exchanges, while the funding rates for derivatives remain elevated, reflecting short-term loosening of positions. On the macro level, the rebound of the US dollar index and weakness in US stocks are suppressing risk assets, coupled with the approaching Fed's September rate decision, market sentiment is becoming cautious.
Despite the short-term pressure, positive developments in the Ethereum ecosystem continue to emerge: the Cancun upgrade is nearing the testing phase, Layer 2 cost optimization is imminent, and institutional expectations for the approval of ETH futures ETFs are rising. Binance reminds investors to pay attention to the validity of the 1550 USD support and be aware of extreme market risks, managing positions wisely.
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