Hello everyone, I am Hongcai! Right now ETH is in a sideways trend, but OG whales are continuously increasing their positions. Is this a bottom-fishing opportunity or a trap to lure players in and then dump? Hongcai will analyze this for you!
News
I just came across a breaking news: a big shot known as the 'BTC OG Insider Whale' is crazily increasing their position with 5x leverage on ETH long positions, with the holding amount soaring to 150,000 ETH, worth nearly 500 million USD! The unrealized profit on a single coin has already exceeded 10 million USD...
With such strong news, is it about to take off?
Don't rush in yet! We need to see what the technical aspect says.
Technical aspect
From the 4-hour candlestick chart, ETH is currently fluctuating around 3250 dollars, which is a very critical position. It serves as both a short-term dividing line and a thermometer for market sentiment. There is heavy resistance above, with the 3400-3600 range being the previous rebound resistance area; it can only be considered a 'test' until it breaks through.
The support below is concentrated around 3070-2905; if it breaks below, the adjustment may deepen.
What is more concerning is that the RSI indicator shows that the white line has formed a 'death cross' below the zero axis, indicating weak short-term momentum, and the MACD has not yet exited the strong zone. This means that relying solely on whale news may not immediately drive the price up.
My view
While large whales increasing their positions is certainly a positive signal, the market is often full of tricks. Especially in areas with dense leveraged long positions, once the price struggles to rise, it can easily trigger a long squeeze.
I judge that tonight's market is likely to continue fluctuating between 3250 and 3400. If it stabilizes at 3250 and breaks through 3300 with volume, it will test the 3400 resistance; if it falls below 3220, it may retest the 3070 support. (If you don't know the specific entry timing and exit points, as well as for those holding positions, you can pay attention to Hongcai. Hongcai will announce daily cryptocurrency and entry points, as well as exit timing, at Caishen's home 24 hours a day!!!)
So what should we do?
If you are a short-term player, it is recommended to test with a small position near 3250.
If you are a medium-term investor, don't chase the highs! Be patient and wait for a retest of the 3070-3100 support zone to build your position in batches.
Remember: the actions of whales are a weather vane, but not a charge signal; you must combine it with breakout signals before making large entries!
I have been closely tracking several key data indicators and on-chain anomalies recently, especially the changes in major orders and capital flows. If you also want to know where I will position myself next, and how I will accumulate in batches, pay attention to Hongcai.
The market never simply repeats itself, but the logic can be predicted in advance. Pay attention to Hongcai to help you avoid the trap of false longs and seize the real rebound!
Keep up with the rhythm, but stay calm! Pay attention to Hongcai to get the movements of smart money in real time! Pay attention to Hongcai and participate in every attack from Hongcai! Hongcai will announce specific entry times and real-time news at Caishen's home every day!#加密市场反弹 $ETH
