$ETH 2071, down 0.8% in the last 24 hours, with a low of 2054 during the session.
The biggest news today—David Hoffman, co-founder of Bankless, publicly stated he has cleared out all his spot ETH. The reasoning is that the value narrative of the ETH token has been fully priced in, and with L2 and open-source architecture, capturing value has become challenging. He emphasized that he remains bullish on the Ethereum network but will no longer hold a significant position in ETH itself. This signal could have a significant impact on retail sentiment.
On the other hand, institutions are aggressively accumulating. BitMine bought 112,000 ETH last week, holding a total of 5.39 million, which represents 4.47% of the circulating supply. Of that, 4.71 million ETH are staked, yielding an annual return of 2.75%. Additionally, a whale on-chain bought 2,400 ETH at an average price of 2083 and has placed a limit sell order at 2132, aiming to capture a $50 spread. Meanwhile, a buddy is reducing his position, cutting a 25x leverage long from a high of 5,500 ETH, facing an unrealized loss of $92,000.
The daily MACD death cross continues, with DIF at -56.49 and DEA at -46.98, while the histogram at -19 is still widening, indicating no reduction in bearish momentum. The RSI is at 34.78, approaching oversold conditions but hasn't hit 30 yet; the final drop may not be over. The Bollinger Bands show an upper band at 2383, a middle band at 2187, and a lower band at 1992, with prices operating between the middle and lower bands, where 2187 acts as a short-term ceiling.
Smart money data: Among the top 20% of profitable traders, 40 out of 100 have positions, with 20 more short. Weighted by capital, bulls account for 57.8% and bears 42.2%, with a net long position of $3.58 million. The average long entry is 2133, currently at a loss, while the average short entry at 2123 is also uncomfortable. Both sides are trapped, creating a classic squeeze zone.
The contract fee rate is 0.0089%, close to zero, with no clear leverage bias. Open interest stands at $1.64 billion. The decline is not driven by liquidation but rather by selling pressure at the narrative level—when KOLs say "ETH can’t capture value," it significantly impacts holding confidence.
Summary: The technical setup is bearish, with short-term support at 2054; if that breaks, look for 1992 at the lower Bollinger Band. Resistance on the rebound is at 2130-2187. However, institutional buyers (with BitMine holding 4.47% of the circulating supply) are still accumulating, indicating this price level is attractive for long-term capital. For short-term traders, don't rush to catch the bottom; wait for the RSI to dip below 30 or for confirmation at 2054.
Bankless has cleared its ETH, but institutions are still adding to their positions. The market has never lacked divergence; it’s patience that’s in short supply.
#ETH #Ethereum
#ETH
The biggest news today—David Hoffman, co-founder of Bankless, publicly stated he has cleared out all his spot ETH. The reasoning is that the value narrative of the ETH token has been fully priced in, and with L2 and open-source architecture, capturing value has become challenging. He emphasized that he remains bullish on the Ethereum network but will no longer hold a significant position in ETH itself. This signal could have a significant impact on retail sentiment.
On the other hand, institutions are aggressively accumulating. BitMine bought 112,000 ETH last week, holding a total of 5.39 million, which represents 4.47% of the circulating supply. Of that, 4.71 million ETH are staked, yielding an annual return of 2.75%. Additionally, a whale on-chain bought 2,400 ETH at an average price of 2083 and has placed a limit sell order at 2132, aiming to capture a $50 spread. Meanwhile, a buddy is reducing his position, cutting a 25x leverage long from a high of 5,500 ETH, facing an unrealized loss of $92,000.
The daily MACD death cross continues, with DIF at -56.49 and DEA at -46.98, while the histogram at -19 is still widening, indicating no reduction in bearish momentum. The RSI is at 34.78, approaching oversold conditions but hasn't hit 30 yet; the final drop may not be over. The Bollinger Bands show an upper band at 2383, a middle band at 2187, and a lower band at 1992, with prices operating between the middle and lower bands, where 2187 acts as a short-term ceiling.
Smart money data: Among the top 20% of profitable traders, 40 out of 100 have positions, with 20 more short. Weighted by capital, bulls account for 57.8% and bears 42.2%, with a net long position of $3.58 million. The average long entry is 2133, currently at a loss, while the average short entry at 2123 is also uncomfortable. Both sides are trapped, creating a classic squeeze zone.
The contract fee rate is 0.0089%, close to zero, with no clear leverage bias. Open interest stands at $1.64 billion. The decline is not driven by liquidation but rather by selling pressure at the narrative level—when KOLs say "ETH can’t capture value," it significantly impacts holding confidence.
Summary: The technical setup is bearish, with short-term support at 2054; if that breaks, look for 1992 at the lower Bollinger Band. Resistance on the rebound is at 2130-2187. However, institutional buyers (with BitMine holding 4.47% of the circulating supply) are still accumulating, indicating this price level is attractive for long-term capital. For short-term traders, don't rush to catch the bottom; wait for the RSI to dip below 30 or for confirmation at 2054.
Bankless has cleared its ETH, but institutions are still adding to their positions. The market has never lacked divergence; it’s patience that’s in short supply.
#ETH #Ethereum
#ETH