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#ETH跌幅超5% ETH: The arbitrage is still repairing, but the structure looks a bit better than BTC.
ETH today dipped to a low of 1,758, lower than yesterday’s 1,768, but the MACD green bars and RSI at this new low are both smaller than before—indicating a small-scale bottom divergence has already appeared. This causes ETH’s rebound today to be more active than BTC’s, bouncing from 1,758 up to a high of 1,849, nearly a 100-point increase.
The ETH/BTC ratio continued to rise today, with the residual momentum from the Standard Chartered report still present, and market funds are indeed shifting towards ETH. From the perspective of the “arbitrage relationship” in the Wyckoff method, ETH’s downward momentum is clearly less than BTC’s, meaning that once the market stabilizes, ETH will have more flexibility than BTC.
But note that ETH also failed to hold above 1,850 today, and before the close, it retreated back to around 1,810 to fluctuate. On the 4-hour chart, the MA20 is around 1,930, still far away. This level can only be considered as “the bulls beginning to resist,” but it’s far from controlling the situation.
ETH’s current support zone is between 1,750 and 1,770, which was a dense trading area in December last year. If this zone is effectively broken downward, the next support level is around 1,680 (the bottom of the daily central pivot). Resistance levels above are at 1,880 and 1,930.
A detail worth noting:
Today, ETH’s perpetual funding rate dropped from +0.005% to around +0.002%, approaching neutral. This indicates that the bullish longs have already decreased significantly, either being liquidated or actively closed. This is a good sign—the cleaner the leverage liquidation, the more solid the subsequent rebound will be.
BTC’s funding rate is still around +0.006%, and some traders are still holding, so BTC may need some more cleansing.
The daily bearish structure has not reversed; don’t call “the bottom is in” just because of a one-day rebound. But the smaller timeframe bearish momentum is weakening, and a bottom divergence is emerging—this is a stage where “left-side traders can start to watch for buying points,” not a “mindless shorting” phase.
ETH today dipped to a low of 1,758, lower than yesterday’s 1,768, but the MACD green bars and RSI at this new low are smaller than before—indicating a small-scale bottom divergence has already appeared.
This causes ETH’s rebound today to be more active than BTC’s, bouncing from 1,758 up to a high of 1,849, nearly a 100-point increase.
The ETH/BTC ratio continued to rise today, still feeling the afterglow of the Standard Chartered report, and market funds are indeed shifting towards ETH.
From the perspective of the “price ratio relationship” in Chan Theory, ETH’s downward momentum is clearly smaller than BTC’s, meaning once the market stabilizes, ETH will have more elasticity than BTC.
But note that ETH also failed to hold above 1,850 today, closing back around 1,810 with sideways movement.
On the 4-hour chart, the MA20 is around 1,930, still far away.
This level can only be considered as “bulls beginning to resist,” but it’s far from controlling the situation.
ETH’s current support zone is between 1,750 and 1,770, which was a dense trading area in December last year.
If this zone is effectively broken downward, the next support level is around 1,680 (the bottom of the daily central zone).
Upper resistance levels are at 1,880 and 1,930.
A detail worth noting
Today, ETH’s perpetual funding rate dropped from +0.005% to around +0.002%, approaching neutral.
This indicates that the long positions holding are already reduced significantly—either they got liquidated or actively closed.
This is a good sign—cleaner deleveraging makes the subsequent rebound more solid.
BTC’s funding rate is still around +0.006%, and some traders are still holding, so BTC might need some more cleansing.
The daily bearish structure has not reversed; don’t call “the bottom is in” just because of a one-day rebound.
But the smaller timeframe bearish momentum is weakening, and a bottom divergence is emerging—this is a stage where “left-side buy points can start to be watched,” not a phase for blindly shorting.