Brothers, this wave of ETH's callback is completely within expectations. The current price fluctuation around $2550.26 is a normal wash-out action! Looking at the K-line pattern this week, although it is temporarily constrained by the resistance of the MA7 moving average 2531.28, the MA30 moving average 2160.16 has formed a strong support, a typical long arrangement structure. Focus on whether today's closing can stand firm at the psychological barrier of $2500. It is only a matter of time before it breaks through the previous high of $2647!
Looking carefully at the volume changes of this wave of callbacks, yesterday's estimated trading volume of 8.67 million pieces has obviously shrunk, indicating that the main force has not shipped on a large scale. On-chain data shows that the whale address 0x76... is continuing to increase its holdings, with a net purchase volume of 12,000 ETH per day. The current market sentiment index is in the "fear" zone, which is a great time for reverse operations!
From a technical perspective, the MACD indicator DIFF line is about to cross the DEA to form a golden cross, the RSI (14) value of 58.7 is in a strong range, and the Bollinger Band middle track of $2,520 provides strong support. Pay special attention to the position data. The current open interest volume has reached $18.7 billion, an increase of 23% from the previous month, indicating that institutional funds are accelerating their layout!
ETH ecosystem has recently seen positive news: ① Shanghai upgrade completed the pledge withdrawal test, and the total pledged amount exceeded 18 million; ② Layer2 total locked amount exceeded 5.5 billion US dollars, and Arbitrum's daily transaction volume exceeded 800,000 transactions; ③ Optimism launched the Super Chain plan, and the financing amount of ecological projects increased by 40% month-on-month. These catalysts will explode in Q3!
The current price still has 88% upside potential compared to the historical high of $4,800, and a 57% increase from our expected first target of $4,000. Focus on two key nodes:
A breakout of $2,647 will open the channel to $3,000;
Once the price stabilizes at the $3,000 mark, it will trigger a wave of short-covering, and the $4,000 target will be just around the corner!
There are opportunities and risks in the cryptocurrency world. Staying vigilant and finding the right time is the key. I also found a short-term skyrocketing project with great potential for doubling! If you want to keep up, click on the avatar and follow me, and share for free!
