$ETH Chip distribution hides secrets, is it going to 2k soon?
Ethereum is currently forming an "iron barrel formation" around 1800 dollars, an area where huge whales accumulated chips back in March this year, with an average cost around 1850 dollars.
Just like a stronghold that is repeatedly contested on the battlefield, the price has attempted to breach 1850 three times without success, indicating that funds are secretly defending the price.
However, it is important to note that the recent three tests have shown increased volume but stagnant growth, akin to a battering ram hitting a city wall without breaking through.
Technical indicators are showing conflicting signals: the KDJ dead cross is like sounding an air raid alarm, while trading volume has shrunk to a three-month low, indicating a depletion of short-term upward momentum.
Yet, the EMA 24/52 moving averages still maintain an upward tilt, creating a state of "short-term brake, long-term accelerator," similar to stepping on the gas while going over a speed bump.
More dangerously, on-chain data shows that there are still 2.12 million ETH in the selling pressure zone above 1850 dollars, which could trigger a long squeeze at any moment.
Currently, the market has two fatal flaws: first, the net inflow to exchanges has surged, suspected institutions are accumulating at low levels; second, the proportion of bearish contracts in the options market has risen to 45%, reaching a six-month high. This divergence is like a tug-of-war, one side quietly accumulating while the other side bets wildly on a decline.
It is recommended to closely monitor the effectiveness of the 1750 dollar support. A significant drop below this level could trigger panic selling.
In the medium to long term, if this "golden pit" can be held, it may accumulate strength for the next round of rally, but the risk of chasing the rise currently greatly outweighs the opportunity.
Are you stuck? When will you bottom out? As always, if you're confused and don't know what to do, tap on the avatar to comment. I need fans, you need references.
