7.14 THENA: The trend is weaker than BTC, and any rebound is a chance for going short at a high level

$ETH
Entry: around 1800-1820, with a target near 1850, looking for 1750-1720

Technicals have already formed a standard bearish structure: the 4-hour Bollinger Bands are opening downward, and the price has been pinned under the mid-band throughout; all short-term moving averages are in a bearish alignment, with pressure building layer by layer. The selloff is with increasing volume, while rebounds are on decreasing volume. After the short pressure concentrates and releases, the bulls don’t have the ability to organize an effective counterattack

On the fundamentals side, the THENA ETF ended eight consecutive weeks of outflows. The institutional selling pace is marginally slowing, but a persistent inflow trend hasn’t formed yet; it can’t support an independent market move, and it’s basically still trading in sync with the overall market #伊朗宣布关闭霍尔木兹海峡 #沃什听证会撞上CPI