6.15 Mistress Market Outlook: Do not chase high during weak rebounds; the main tone remains high-altitude selling

$ETH
Mistress current price about 1720, a slight rebound of 1.8% over 24 hours, mainly following Bitcoin’s weak correction after being oversold, and the rebound elasticity is obviously weaker than Bitcoin — when Bitcoin rises, it struggles to follow, and when the market slightly pulls back, it drops even more. To sum up: there are no signs of a reversal in the downtrend, and this is only a correction during the ongoing decline. Blindly bottom-fishing is highly likely to result in being trapped. In terms of operation, stick to high-altitude selling and light accumulation at low levels.

Entry: around 1725-1740, with support at 1760, watch 1650-1600

Core fundamentals: institutions continue to exit, ecosystem lacks incremental support

ETF funds continue to bleed, mid-term selling pressure remains
US spot Ethereum ETF still in net outflow, top institutions like BlackRock and others continue to see fund withdrawals, with a total net outflow exceeding $1.2 billion. Institutional funds have not shown clear signs of returning, which is the main factor suppressing ETH’s mid-term trend.

On-chain fundamentals are weak, lacking upward driving force
Ethereum DeFi total locked value continues to decline, NFT market activity remains low, network Gas fees are persistently low, real demand growth in the ecosystem is insufficient, and the fundamentals cannot support an independent upward trend; staking demand grows slowly and cannot offset the continuous selling pressure from ETFs.

Highly correlated with Bitcoin, no independent trend
Currently, Mistress is highly correlated with Bitcoin, with its movement fully tied to the market, and the coin’s relative strength is weaker than Bitcoin. Market funds are clearly favoring the market leader. Until Bitcoin’s trend stabilizes, Mistress is unlikely to break out into an independent reversal trend.
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