"Brothers! Today's market is too exciting! ETH just broke below 3200 US dollars, directly crashing to around 3175 US dollars. Brother C will take you through the truth behind this crash today and point us in the right direction—should we cut losses and run or buy the dip and wait for a rise? After reading this, you'll have a clear idea!"
News front
In the past two weeks, a mysterious whale/institution has been operating frantically through THORChain, directly converting 1469 Bitcoins (worth about 550 million US dollars) into 43647 ETH! This operation has thrown a 'depth charge' into the market—one must understand that such a large amount of capital changing hands is like throwing a big stone into a pond; how can the water surface not ripple?
What's more critical is that the current ETH price is $3173, but it plummeted over $200 today, directly breaking through the psychological barrier of $3200. Is this drop caused by whales dumping or market panic? Here’s a blunt statement from the city lord: in the short term, it's about sentiment, and in the long term, it's about logic—whale reallocation indicates that institutions are optimistic about ETH's future, but retail panic selling is what caused the price to break the support level in a short time!
Technical aspect:
Support level $3130: This is ETH's "life and death line"! If it drops to this level, it's very likely to hold, because historical data shows that this position has rebounded multiple times.
Key level $3177: The current price is hovering around $3175, which is like standing on the edge of a cliff! If it holds, there may be a rebound; if it doesn't hold, it will directly drop to $3094.
Resistance level $3446: This is the target for the future! If it can break through and stabilize above $3200, the next stop is here, but it must first get past the $3200 hurdle.
Looking at the technical indicators, RSI(6) is only 11.05, which has already fallen into the "oversold zone", indicating a high probability of short-term rebound! However, MFI(14) is at 43.51, suggesting that funds are still flowing out, so we need to be cautious of further dumping.
C's opinion: drop first then rise, buy the dip and wait for the surge.
This drop is a "false fall"! Whale reallocation is a long-term positive, but the panic selling from retail investors is what led to the price breaking through the support level in a short time. The next trend is very clear—first, test the support level at $3130. If it holds, it will directly rebound to $3200; if it doesn't hold, wait for $3050 to buy the dip!
Retail investors, don't panic, follow C's lead, stay steady! For specific points and directions, C updates in real-time every day in the village. Enter the village to keep up with the rhythm, and we will never let retail investors fall behind!
In the short term, focus on support; in the long term, consider logic! Don't rush to cut losses now; wait until the price reaches the support level before taking action! If you want to know the specific points and directions immediately, hurry and join C's village, and we'll catch the rebound together and make a fortune!
