Ethereum [ETH] leads the altcoins, rising 47% in five days. During this period, BTC increased by 7.9%. Unsurprisingly, Bitcoin's dominance fell from 65.36% to 62.38% in six days. Meanwhile, the altcoin market cap increased by $232 billion.
The upgrade of Pectra has not only attracted retail investors but has also witnessed significant selling pressure from the influx of large funds into centralized exchanges.
Ethereum is approaching the 50% retracement level—breakthrough, or…
The OBV has been on a steady decline throughout the year. However, the situation has changed in the past month, as the OBV trend reversal indicates buyer dominance. The CMF also supports this conclusion.
Its reading is +0.25, indicating a large influx of funds into the market. The MFY indicator is also on an upward trend, showing bullish momentum and fund flow. However, this indicator has not yet formed a bearish divergence on the 1-day chart.
Therefore, Ethereum has more room for upward movement. Fibonacci levels drawn based on the downtrend of 2025 show that the 50% level ($2,774) is close at hand.
The liquidation chart highlights a lack of short liquidation expenses. High-leverage long positions have yet to be closed, and falling to $24K and $25K would lead to many positions being liquidated.
This means that traders should be wary of chasing liquidity southward.
The 6-month liquidation heatmap indicates that the $29K region is a strong magnetic zone. ETH will eventually drop to this level, but breaking through this level is not guaranteed.
Bullish Bitcoin [BTC] and macroeconomic conditions may need to align with ETH rising to $2,900 to catalyze a breakthrough of the psychological resistance level at $3,000.
The 1-month liquidation heatmap shows that Ethereum consolidated around $18K in early May, triggering short liquidations at $19K, followed by further increases. A similar but less intense pattern has emerged in recent days.
Liquidity has accumulated around the $2.7K region, with ETH capturing part of the share. In the coming days or weeks, the market may further consolidate below $2.8K before a rebound.
Meanwhile, due to recent whale selling activity, traders and investors may consider taking profits and preparing for a potential pullback.