Ethereum skyrockets, heaven and hell in a moment?
Dear friends, last night Ethereum violently broke through $3600 with a big bullish candle, this was the “bull graveyard” of last December, with over 75,000 leveraged accounts liquidated in 24 hours, $2.1 billion turned to ashes, and some netizens lost $2 million in half an hour!
There are three main drivers behind this surge:
Regulatory 'looseness': Although the Ethereum spot ETF has not been approved, the regulatory attitude has softened. BlackRock urgently bought 120,000 ETH, and Wall Street capital is stirring. Whales hoarding: A mysterious address bought 380,000 ETH in a week, worth over $1.3 billion, clearly sensing a big market movement. Upgrade benefits: The August Pectra upgrade will increase Ethereum staking yields by 30%, institutional FOMO, with Goldman Sachs stating that ETH is the strongest cryptocurrency asset of 2024.
But the bull traps are already apparent:
Binance perpetual contract funding rates soared to 0.18%, shorts are pushed to the cliff, and a reversal from the main force may trigger a sell-off. Weekly RSI over 70, with an 83% historical probability of a correction.
A life-and-death decision
$3600 is the key; if it breaks and stabilizes, it will aim directly at $4000; if it can’t hold, it will plunge to test the $3100 support. The 75,000 people who were liquidated last night are a cautionary tale.
Action guide
Leverage players should set a stop loss at $3650 to prevent 'bullish killing bullish'. Spot players should gradually buy the dip during pullbacks, and don’t miss the 'wealth train' before the August upgrade.
Now the market has completed its correction, and the altcoin bull market will soon kick off. I have carefully selected a cryptocurrency for you, with an expected potential of over 10 times not being a problem. Leave a comment + like for free sharing!