$ETH This trend can be summed up in one word — dawdling!
The ETH 5-minute K-line is currently stuck around 2770, repeatedly grinding. Just looking at the order book is nauseating; there’s a pile of short orders at 2773 from the bears, while the buy orders around 2770 are quite solid, a typical method of high-level oscillation to wash out positions.
The MACD yellow and white lines are sticky with no direction, and although the KDJ has a golden cross, the J value is at a ridiculous 90, clearly overbought. The most outrageous part is that the 30-minute RSI has already shown a top divergence, with the price hitting a new high while the indicator doesn’t follow — this is just a blatant trap to lure in buyers!
Those big whales on-chain are shouting about the benefits of the Pectra upgrade while secretly reducing their positions. The perpetual funding rate has surged to 0.06%, clearly indicating a squeeze for the bulls. The market makers are just waiting for the fools to rush in and then pull a reverse spike. If you ask me, at this position, it’s better to miss out than to make a mistake; if 2770 breaks, we directly look at 2750 for a liquidation zone, and only consider chasing the rise if it stabilizes above 2788.
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