$ETH
Why is Ethereum still so weak?
With the huge bullish engulfing candle, Ethereum has broken through the 2600 mark. This signifies the incompleteness of the morning star pattern following a 1% increase last night. As bullish momentum strengthens, the MACD and signal line have crossed positively. The bullish recovery has also surpassed the 23.60% Fibonacci level of 2472. The next strong resistance is around 2730.
Breaking this level will increase the chances of surpassing the 50% Fibonacci level and reclaiming the psychological mark of 2800.
With the victory in the founding elections, the overall market is recovering, and it may retest 3000 by the end of the month. On the other hand, 2582 has become a title.
Before the victory in the founding elections, market chaos intensified, leading to an increase in capital outflow from the Ethereum ETF market. Until yesterday, the net outflow of the Ethereum ETF was $63.22 million. However, with the significant economic recovery, improved market sentiment may increase institutional demand, thus resulting in increased net inflows.
Ethereum has rebounded from the psychological mark of $1000 in November 2022, and although it recently retreated to 2150, the upward trend is still continuing. Despite the large capital outflow from the Ethereum ETF, as the broader market recovers, bulls are gradually taking control of the trend.
Additionally, as whales turn their attention back to Ethereum, whales only need to buy over 500 Ethereum, which is likely to trigger a rebound.
Therefore, by the end of this year, if inflows remain positive and Bitcoin can exceed 80,000, Ethereum may also surge to new highs.
Overall, Ethereum has performed quite weakly so far; Bitcoin has made new highs, yet it hasn’t even reached 2700, which inevitably causes many to lose faith in it. However, I, Lao Li, believe that Ethereum will definitely have a wave of catch-up later, and I am still in the game. If a pullback occurs, the increase is inevitable!
Continue to pay attention to SUI, NEIRO, ETH, SOL, WIF...
If you want to seize this bull market, it's definitely too late to learn and sell on the spot; it's best to have someone to guide you quickly.
I am Lao Li, welcome to communicate!
