🔸$ETH is facing a sell-off storm, losing 18% of its value, breaking down to $2,781. The main reason is that Spot ETF funds in the US have been net selling for 6 consecutive days, with a total value of up to $630 million USD, causing extremely negative market sentiment.
🔸The macro pressure from the BoJ raising interest rates to a 30-year high, combined with $158 million in derivative positions being liquidated, is weighing heavily on the price path. The technical model on the daily frame is signaling that the short side has not yet given up, and the risk of returning to lower price levels is very high.
Currently, $ETH is very weak, will this level hold or will it continue to search for a bottom?
This article is for reference only; it is not investment advice. Please read carefully and consider thoroughly before making a decision.