Market alert!
Market alert!
Ethereum facing a sell-off storm? Institutions sell off $35 million of ETH!
Dear friends, the cryptocurrency market is in turmoil again! 👀Just yesterday, two major institutions, Amber Group and Cumberland, sold more than 12,882 ETH to exchanges such as Binance and Kraken, with a total amount of up to $35.3 million! Do you think the numbers are shocking? Yes, the story behind it is even more exciting!
[The secret behind the sell-off]
Imagine what the influx of these huge amounts of ETH means to the market? It's stressful! Especially when market sentiment is already low, this is undoubtedly worse. 🌨️ Is Ethereum really going to usher in a wave of sell-offs?
[Price prediction: bearish sentiment spreads]
The masters of technical analysis have spoken, and ETH is now on the cusp of bearishness. It has broken below its 200-exponential moving average on the daily chart and formed a worrying bearish rising wedge. 📉 If the price fails to hold $2,645 by the close today, it could slide straight to $2,310, a drop of 12%!
[Open interest: market confidence is shaken]
Not only that, data from CoinGlass also shows that ETH's open interest is decreasing, which means that the confidence of institutions and investors is shaken. Short positions far outnumber longs, and it seems that everyone thinks Ethereum will have a hard time in the short term.
[Key liquidation points: Who will be the winner? ]
Now, the market's focus is on two key price points: $2,680 and $2,775. If the price falls below $2,680, nearly $119 million in long positions will face liquidation; and if the price miraculously soars to $2,775, then short positions worth nearly $289 million will suffer. This is simply a gamble!
[Summary: Act with caution and wait and see]
Dear cryptocurrency friends, in the face of such market conditions, we still have to remain calm and act with caution. After all, the cryptocurrency market is volatile, with opportunities and risks coexisting. It is better to wait and see, and wait for clearer signals before taking action!
Remember to follow me to get more first-hand information and in-depth analysis of the cryptocurrency market!See you next time~
