$ETH Back to what it was before liberation overnight! Jiang Zhuoer has made a statement: “No more shorting ETH—switch to shorting BTC.” Is this a signal that the market is bottoming out?

Brothers, this ETH pullback looks scary, but someone is quietly changing direction.

From 1982 down to 1865—more than a hundred points are gone just like that. Yesterday’s ETF net inflow of $11.7 million is a good sign, but it can’t withstand the dual pressure of macro factors and risk-off sentiment. BTC is falling, and ETH keeps falling with it—the old habit of “falling together but not rising together” is happening again.

But on-chain data has produced a key signal—mining pool bigwig Jiang Zhuoer posted a statement, clearly saying, “Once this round is over, I won’t short ETH anymore and will switch to shorting BTC.” His reasoning is that MSTR won’t be adding BTC for a long time, while BitMine is still buying ETH. In addition, with the development of tracks such as RWA, he believes this round of ETH may have already bottomed at 1505.

This logic looks similar to the previous bear market: in 2022, ETH bottomed at 881 in June, while BTC didn’t bottom until 15476 in November—a difference of a full five months. If history repeats, ETH may put in its bottom before BTC. The current price action is also validating this view: BTC has already broken below its rising channel, while ETH is still holding around the lower edge of its rising channel.

From the chart: the current price is around 1885. MA7 at 1880 is barely holding, but MA25 at 1922 and MA99 at 1894 are all overhead—there’s still substantial resistance above. Today’s low is 1865, still a little away from the prior low at 1850. This is a critical defense level.

MiGe long/short trading ideas:
Short on a rebound around 1900 - 1920; if you’re aggressive, enter the short directly near 1890. For longs, try around support at 1850—if it breaks down, then try long again around 1800 - 1770.

Personal view: The big player has started openly shifting from being bearish on BTC to being bullish on ETH, and this signal is worth paying attention to. The ETH/BTC ratio has been hovering around 0.029 for a long time. If the ratio reverses, ETH’s upside leverage will be much greater than BTC’s.

#长鑫开盘跌7.7%