$ETH What is the outlook for the subsequent trend after the high-level fluctuation?


What impact does Chairman Powell's speech tonight have on the market?
First, the reason for ETH's significant rally last night was that an institution under BlackRock built a position in Ethereum spot, plus several whales staked, so after the US stock market opened last night, it stabilized and then surged overnight, reaching the strongest resistance zone of 2350-2380 on the daily chart before starting to decline with decreasing volume.
So, Brother Sanjin's view on Ethereum's trend tonight is definitely: bearish! bearish! absolutely bearish!
I have always been a steadfast long-term holder, but that doesn't prevent me from short-term shorting, for the reasons:
①: Recently, Ethereum spot ETF funds have been continuously flowing out, totaling $70 million (outflow of $21.8 million yesterday), indicating that institutional sentiment remains cautious.
②: The Federal Reserve's interest rate decision and Powell's speech overnight are unlikely to be positive for the crypto market in the short term (negative).
③: On the daily chart, there is a large number of sell orders at the strongest resistance zone of 2350-2400, plus nearly $170 million worth of long positions near 2280 waiting to be liquidated.
Based on the above personal views, the US stock market opening and data releases tonight are likely to be negative, so it’s possible to find a good entry point.
These are just personal opinions!
ETH1.23%
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