Brother Maji actively manages risk, and key market support levels are under test

The well-known trader "Brother Maji" recently made large-scale position adjustments, attracting market attention. His actions include closing 12,888 HYPE long positions and simultaneously reducing high-leverage positions in BTC and ETH. This has resulted in an overall account unrealized loss of about 16%. Notably, his trading win rate over the past week has reached 86%. This is more about proactive risk control rather than a complete bearish outlook on short-term trends.

Key market dynamics:

1. ETH ($2,287): The price has broken below the middle band of the daily Bollinger Bands ($2,314), a key support level. The next important defense line is at $2,200 (lower band of Bollinger). The 1-hour trend is weak, with the price pressured at the lower band, accompanied by a single-day net outflow of $50.48 million from ETH ETFs, indicating significant short-term selling pressure.

2. HYPE ($40.47): Intraday decline of 4.8%, approaching the 1-hour Bollinger lower band ($40.26). Trading volume has increased but the price has fallen, showing insufficient buying support.
$BTC $GT $ETH
Market outlook:

The current correction can be interpreted as a technical pullback and profit-taking after a continuous rally. The on-chain fundamentals and overall trading volume of Ethereum have not deteriorated, so there is no need for excessive panic. Investors should focus on the effectiveness of the two major support levels at ETH $2,200 and HYPE $40. If these levels hold, there is still a chance for the market to recover.