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👆Follow me to share cutting-edge Web3 news every day👆Jinqun +Q: 3846328374 Ethereum (ETH) has continued to fluctuate within a narrow range in the past three weeks, failing to break through the key resistance level. Its weekly performance lagged behind Bitcoin, with limited gains and a larger correction. The market focused on whether its current trend is an early capitulation or a bottom consolidation. 1. Short-term pressure: profit margins shrink, sellers dominateThe proportion of ETH's profitable supply has dropped from 99% to 80%, and about 20% of holders are at a loss, and their patience is being tested.  (Data source: Glassnode) The buying and selling pressure Delta turned negative for the first time since the second quarter. Sellers began to control the rhythm of the market. The support stability of the $3,900 price level is still in doubt. Narrowing profit margins and weakening growth momentum may trigger a market reshuffle. In addition, ETH's monthly decline reached 6.6%, and spot ETFs experienced an outflow of US$81 million after two days of capital inflows, exacerbating short-term market volatility. Enter skirt +Q: 3846328374 2. On-chain strength: long-term holders hoard coins and supply tightensOn-chain data releases positive signals: In the past 48 hours, approximately 200,000 ETH (valued at US$780 million) were withdrawn from exchanges, and long-term holders (LTH) continued to transfer assets for hoarding.  (Data source: Santiment) The total ETH trading reserves decreased by 4 billion to 61 billion, and more tokens were transferred from exchange wallets to long-term holdings, which promoted the tightening of liquidity supply. Even if some investors are losing money, there are no obvious signs of capitulation, and FOMO sentiment is still supporting prices, highlighting the firm belief of holders. Enter skirt +Q: 3846328374 3. Trend judgment: shocks are healthy adjustments, and the probability of bottoming is higherTaken together, investors with unstable positions are gradually leaving the market, while the position of core holders has not wavered, and the structure of the ETH chain is still biased towards the bullish side. The current sideways fluctuations are not market weakness, but more likely a bottom-building process. The 6.6% monthly decline can be regarded as a healthy adjustment. Although ETF capital outflows and short-term technical pressure have brought uncertainty, the tightening of supply and the hoarding behavior of long-term holders have provided important support for subsequent trends. That’s it for today’s article. I don’t know what to do in the bull market. Welcome to join the skirt+V: sun568298 for free.  |
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