ETH Insights
The price of Ethereum has increased by 5.67% in the past 11 hours, showing upward momentum.
1. The market has risen by 5.67% in 11 hours, mainly driven by strong technical momentum and institutional accumulation.
2. The upcoming Fusaka upgrade and new stablecoin releases may further enhance Ethereum's utility and value.
3. Risks include increased protocol complexity, bearish sentiment in the derivatives market, and significant ETF fund outflows.
Highlights
1. Future Upgrade: The Fusaka upgrade, expected to take place in 2025, will significantly enhance Ethereum's high transaction throughput capacity, potentially increasing its value accumulation.
2. Institutional Accumulation: BitMine Immersion has recently added nearly 70,000 ETH, currently holding 3% of the total supply, indicating strong institutional confidence in Ethereum and active accumulation.
3. Technicals: The price of ETH has significantly risen by 5.67% in the past 11 hours, from $2782.53 to $2941.54, with RSI rising from 24.42 to 74.77, indicating that buyer momentum is strengthening.
Risks
1. Complexity Concerns: Vitalik Buterin has expressed concerns that Ethereum's increasing complexity may undermine its trustless characteristics, advocating for simplification to maintain decentralization.
2. Bearish Derivatives: The Ethereum derivatives market shows negative funding rates, indicating a higher number of short positions, and derivatives traders are adopting a cautious or bearish stance.
3. ETF Fund Outflows: The U.S. spot Ethereum ETF has experienced five consecutive days of fund outflows, totaling $533.1 million, which CryptoQuant analysts interpret as investors reducing risk.
Community Sentiment
1. Disappointment: Community sentiment shows that despite interest from institutional investors, long-term holders feel disappointed and fatigued due to Ethereum's underperformance compared to Bitcoin and other altcoins. #巨鲸动向 $BTC
