The big one is coming! Non-farm payroll data reveals, ETH's fate hangs by a thread!

The U.S. non-farm employment data for September will be announced at 20:30 yesterday, which is likely to have a significant impact on the price of ETH. It could either surge to 3200 or drop to 2850.

Last night it was quite lively at the Federal Reserve, with hawkish committee member Bullard saying that inflation has not met expectations and that interest rate cuts are still far off. The price of ETH dropped significantly, with over $420 million in positions across the network affected within half an hour, and many people exited below 2900 to cut losses. As a result, early this morning, Federal Reserve Vice Chair Powell said that the path for interest rate cuts in December remains unchanged, and ETH quickly rebounded, standing above 3000 this morning. It is clear that the main players are deliberately washing out positions, shaking out fearful retail investors.

From a technical perspective, there are many positive signals for ETH. 3099 is a key resistance level, and 2981 is an important support level. The 1-hour chart shows a bottom reversal signal, with the low at 2873 just at the daily 200-day moving average support level, which is a "golden pit." The MACD indicator shows a short-term trend shifting from bearish to bullish, and the RSI indicator still has room to rise. In terms of volume, the trading volume was small during the pullback, indicating that selling pressure has diminished, and the main players are quietly accumulating, just waiting for the non-farm data to drive the market.

On-chain data also shows that whales and institutions are taking action. This morning, a whale wallet transferred in 12,000 ETH and opened 500 long positions, targeting 3200. There was a net inflow of 23,000 ETH on Coinbase, and the ETF fund pool also increased by $8 million, indicating that they are all leveraging the pullback to increase their positions.

Based on these circumstances, I personally remain bullish on ETH. Last night's sharp drop was just a smokescreen set by the main players; the overall trend of interest rate cuts remains unchanged, and even if the non-farm data is not good, it will only be a temporary pullback.

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