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👆Follow me to share Web3 cutting-edge news every day👆Jinqun +Q: 3846328374 Although the price of Ethereum (ETH) is temporarily maintained above US$2,100, the overall trend is weak but weak, and there is a deep supply and demand imbalance hidden behind it. Demand in the United States is sluggish, and spread indicators are weakThe latest data shows that ETH demand among U.S. investors remains weak even as global markets overall are actively trading. The Coinbase Premium Index is currently at a negative value of -0.0149.  (Data source: Cryptoquant) This directly means that the price of ETH on Coinbase is lower than that of Binance, reflecting a lack of buying willingness in the US market or greater selling pressure. Even during the short-term recovery of the market, this price difference has not been eliminated. Only when the indicator returns to neutral or positive value can it show that US capital sentiment has truly improved. Giant whales dominate the market, and retail investor participation is seriously insufficientOrder flow data further confirmed the imbalance in the market structure. CryptoQuant data shows that ETH spot transactions continue to be dominated by large orders, the average order size remains high, and whale funds are the core controller of the market.  (Data source: Ethereum) In sharp contrast, retail investor participation was extremely low, with almost no signs of follow-up on small orders. This pattern of "giants performing while the audience is absent" lacks a foundation for continued growth. Technical momentum weakens, derivatives bulls have limited advantageOn the daily chart, although ETH holds the $2,100 mark, its trend is in danger. The RSI remains in the neutral zone, the MACD indicator is trading sideways, and the upward momentum is continuing to fade.  (Data source: TradingView) The derivatives market also showed caution. Open interest fell from early highs, indicating traders were taking the initiative to reduce positions. ； Although the financing interest rate is still biased towards the bulls, the advantage has been significantly reduced, and the bulls no longer have absolute dominance.  (Data source: Coinalyze) Generally speaking, ETH's current stability is more about the maintenance of large-amount funds than a comprehensive strong recovery. Without the support of retail investors and the follow-up of buying orders in the United States, this upward trend is difficult to maintain for a long time. That’s it for today’s article. I don’t know what to do in the bull market. Welcome to join the group + Q: 3846328374 for free.  |
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