ETH at $1676—did you cut your losses?

First, look at the surface: it’s dropped so much you wouldn’t recognize it, yet someone is still buying.

Current price is 1676. In the past 24 hours it’s up slightly by 0.1%-0.66%. Over nearly 1 week it rebounded by 5.9%, but over 1 month it’s down 25.7%, over 6 months down 45%, and over 1 year down 36%. The candlestick chart tells you: the 1600-1700 range is oscillating and building a base. Support is 1610-1625, resistance is 1736-1800. The RSI is neutral, the moving averages are weak—there’s a bottom zone, but it hasn’t taken off yet.

First thing: when you’re panicking, BlackRock is buying, BitMine is sweeping

On June 11, BlackRock clients bought ETH worth $8.63 million.

BitMine has already bought tens of millions of dollars’ worth, aiming to capture 5% of the total ETH supply.

Exchange balances have fallen to an all-time low—about 14.5 million ETH just sits idle on-chain. Holders would rather stake and lock than sell.

Second thing: ETH’s fundamentals are absurdly strong

The staking ratio has reached 31%-32.7%, with about 39 million ETH locked.

One-third of the circulating supply isn’t for sale anymore.

With exchange reserves at a historical low, supply keeps tightening.

The L2 ecosystem is mature—DeFi/NFT/Web3 infrastructure is all running on ETH.

The Glamsterdam devnet has been launched, and discussions on gas re-pricing are in progress.

Third thing: a technical signal has appeared that must be taken seriously

First, the good news:

Support at 1600-1625 has held three times.

After rebounding from the lows, it’s attempting to form higher lows.

Some analysts believe it has broken above the upper boundary of the descending channel.

Now, the bad news:

On the weekly and monthly charts, it’s still a descending channel; the bear-market structure hasn’t been broken.

ETF outflows have continued recently (June 9-12, daily ranging from thousands to 20k+ ETH).

On June 17, the Federal Reserve meeting is very likely to keep rates unchanged; the CPI year-over-year is still rising at 4.2%.

Key level is 1676: downward to 1610 is the “iron bottom,” upward to 1736 is the first gate.

Resistance above: 1736 → 1800 → 1844 → 2000

Support below: 1650 → 1610-1625 (the lifeline for bulls and bears) → 1550

Long-term coin hoarders:

Build positions in the 1620-1650 range in batches (spot), adding once every time it dips by 5%.

Keep your position size to 5-15% of total funds, and hold cash for the black swan at 1550.

Targets: for the short term, 1800-2000; for the mid term, looking higher.

If you buy at this level, you’re making money from “other people’s panic and your greed.”

Swing traders:

At the current price of 1676, wait and watch. Enter when it retraces back to 1620-1650. Stop-loss at 1600. Take profits on half at 1736.

Add positions if it breaks above 1736 (4H close holds above). Aim for 1800-2000.

Don’t chase highs. Don’t use leverage. As long as ETF outflows haven’t stopped, the market won’t be smooth.

Risk management:

Check ETF net flows every day—only after three consecutive days of inflows can it be considered a real turn stronger.

Keep a close eye on the results of the June 17 Federal Reserve meeting (no rate cut is the expectation, but if a hawkish surprise comes in above expectations, reduce positions).

A rising staking ratio is a good thing, but don’t stake everything—leave liquidity.

ETH right now is like BTC at the end of 2020—

Everyone thinks, “It can’t possibly move too much,”

But after ETF approval, it went from 40k to 70k.

In the darkest times, it’s often when smart money is the busiest.

The ETH you cut losses on is turning into someone’s retirement fund 10 years from now. #我的Gate交易时刻 #TradFiCFD黄金大师赛 $BTC #美国5月CPI创三年新高 $ETH $SOL