6.23 Auntie: Yesterday surged to 1779, then false breakout and fell back; today don’t chase highs and send others to their deaths

$ETH
Entry: around 1740-1760, with a bull flag at 1780, watch 1700-1650

Yesterday, during the daytime, Bitcoin kept climbing, reaching a high of 1779, almost touching the 1800 mark. Many people were shouting “stabilized and reversed,” “bottom confirmed,” and chasing the high in a herd. But what happened? After the surge, it couldn’t hold, and selling pressure above pushed it down, falling all the way back, with the lowest at 1716. It hovered around 1723 at the close, forming a solid long upper shadow on the daily chart.

On one hand, the current outflow of Ethereum spot purple crystal (紫晶) has not changed at all; institutional purple crystal has been withdrawing, the market lacks incremental purple crystal, relying solely on existing funds to manipulate, unable to support a large rebound. On the other hand, Auntie/BTC exchange rate is still fluctuating at low levels, with purple crystal seeking safety in Bitcoin. Ethereum itself has high elasticity—when it rises, it can’t keep up; when it falls, it drops even more fiercely than Bitcoin.

Adding the hawkish environment of the Federal Reserve, with no end in sight for rate cuts, risk assets are under overall pressure. It’s basically impossible for Ethereum to break out into an independent upward trend. Yesterday’s surge was more like a final effort test by the bulls. After the test, realizing they couldn’t win, they could only obediently fall back. #沃什首秀美联储利率不变