Good morning everyone! Waking up and checking the market, are you also asking this question: Can ETH still stay above 2300?

Today is April 29th. Don’t believe those outdated data from outside; according to Coinglass’s latest real-time market overview—ETH is currently quoted at $2,287.23.

After bouncing around all day, it’s back to the starting point. This is a typical “sleepless position”—both bulls and bears are cursing, but no one dares to make the first move.

💡 On the surface, it looks like sideways trading, but in reality, it’s a “meat grinder.”

Everyone says sideways is stable, but if you check the futures contracts—last night was a storm:

· Liquidation data doesn’t lie: in the past 24 hours, the entire network liquidated $193 million. Although longs were liquidated for $124 million, just now, nearly $80 million of shorts were also wiped out.
· What is this called? This is dual-direction harvesting. Chase the longs? Get wiped out. Chase the shorts? Break below. So the “conflict” you’re feeling isn’t an illusion; the market is forcing you to hand over your chips.

📡 Don’t be fooled by the candlesticks; look at who’s moving behind the scenes.

The price looks stagnant, but beneath the water, giant whales are thrashing:

· Someone is buying aggressively: that institution called Bitmine has pledged another $260 million worth of ETH. Not only are they buying, but they’re locking it up, reducing the ETH available on the market.
· Someone is moving assets: Fidelity has transferred nearly 20k ETH into exchanges. This usually means—they’re planning to sell.

On one side, institutions are pledging and defaulting; on the other, old money is preparing to cash out. This is the biggest contradiction right now.

🌍 The outside world is also “causing trouble.”

Don’t just look at the candlesticks; there’s big news tonight:

· The Federal Reserve is holding a meeting (FOMC). Although a rate cut is unlikely, the key is Powell’s wording. As soon as he mentions “persistent inflation,” ETH could directly surge toward $2,150.
· Oil prices are still high (above $104). For risk assets, it’s like a cold bucket of water hanging over their heads.

🎯 My bottom line and specific strategy.

ETH is now caught between the support at 2240 and the resistance at 2320. If it doesn’t break below 2240, I won’t be bearish; but if it can’t hold above 2320, I won’t chase longs.

Since the market is so tense, the best strategy is to “watch from the sidelines,” or to do extreme high sell and low buy. If you want to trade, consider these ideas:

· For those wanting to go long: wait for the price to dip back to around 2250-2260. This is the “cost bottom” for institutions. If it breaks below 2230, you must exit; don’t hold. Keep your position light—this isn’t the time to go all-in.
· For those wanting to go short: wait for the price to rebound to the 2320-2340 zone. As long as there’s no volume breakout, it’s a false breakout. Place your stop-loss at 2360.
· For cautious players: rest. In this kind of market, those who understand can make money, and those who don’t will lose money.

🤔 Ending with a couple of words.

The current market is best suited for “placing orders” rather than “chasing orders.”

What do you think? Will ETH test the support at 2240 or push through the resistance at 2320 first?
Check your positions on the chart, and share your “bottom line” for tonight in the comments. Let’s get through this together! #WCTC交易王PK $ETH