$ETH is currently stuck around 1800, repeatedly fluctuating.
This position happens to be the cost level where whales built their positions in March this year (average cost at 1850).
Like a key stronghold on the battlefield, the fact that it failed to hold above 1850 after three attempts indicates that there is substantial capital supporting it below.
Recently, the last three assaults showed a strange signal: even though the trading volume increased, it still couldn't break through, like trying to smash a bubble with a hammer; after three hits, only a crack appeared.
Technical indicators now show limited divergence, with the KDJ indicator forming a death cross like an alarm, but the trading volume has shrunk to a three-month low, indicating that the short-term upward momentum is quickly depleting.
However, the short-term moving average (EMA24) and long-term moving average (EMA52) are still trending upwards.
What's critical is that there is still a selling pressure of 2.12 million Ethereum above 1850. If these chips hit the market, it could easily trigger a stampede among bulls.
Currently, there are two risk points in the market: first, a sudden influx of large amounts of chips into exchanges, suspected to be institutions quietly accumulating positions;
Second, bearish bets in the options market have soared to 45%, hitting a six-month high. This situation resembles a tug-of-war, with one side secretly increasing their positions while the other side bets frantically on a decline.
Right now, we need to closely watch the defense line at 1750 USD; if it breaks with increased volume, it could trigger panic selling.
In the medium to long term, if this position can hold, it may become a springboard for the next wave of upward movement, but currently, chasing highs is riskier than catching falling knives.
If you want to double your account, if you want to enjoy big gains, if you want to successfully recover your losses,
Stay close to Sister Han and position yourself ahead for the main bullish wave of the market!
