12.29 Weekend Evening Market Overview
6976885083324 was the hardest year to get through, with Vitalik busy dating in Thailand, calling out MEME, while the foundation has been continuously selling ETH to keep the foundation running; from POW to POS, there hasn't been a good narrative, and layer two is also a total mess; most importantly, Bitcoin peaked at 73K in March, Ethereum at 4100, Bitcoin returned to 70K in November, while Ethereum was only at 2100, Bitcoin at 108K, and Ethereum still at 4100; this has left retail investors in despair, holding Ethereum has not only failed to appreciate and make money, but also left them with no spare funds to allocate to other quality strong coins, even if you are a thousand-year-old second, you will still be scolded.
Every advantage has its disadvantage, this time Bitcoin adjusted to 92K, Ethereum still held strong, stabilizing in the 3200-3500 range, with not much selling pressure. Mainly, institutions like BlackRock and Fidelity have started swapping Bitcoin for ETH in their spot ETFs; in the past week, Ethereum saw a net inflow of 204 million USD, ranking first in the entire network; various signs indicate that Ethereum is beginning to recover, and spring is coming soon! The upgrade in Prague Cancun in March next year will definitely be a significant turning point.
Ethereum is now oscillating within a converging triangle, and the range is getting smaller, about to break out; at the same time, Ethereum is forming a deep sea crab pattern, returning to the high point of 3800; according to the deep sea crab pattern, the first target PRZ reversal zone is seen at 3698-3764, the second target reversal zone is 3849-3860; in summary, ETH is about to break out of this anxious market, leading altcoins to soar again, and we'll see the outcome after New Year's.
The above information is for market analysis only and should not be considered as trading advice; follow me to stay on track as I provide you with the latest news and analysis every day, and the wealth codes you want, remember to hit follow and like!