The rebound today is quite strong, mainly due to macro factors, such as the end of QT by the Federal Reserve and Vanguard Group's policy allowing crypto ETFs. Additionally, capital accumulation reached as high as 800-900 million, which is quite a lot. At this point, many people might think that the main players are accumulating positions, but it's not that simple. Because during the accumulation process, price swings are usually very small to ensure the chips they buy are at a low price, but currently, the market is being pushed up directly, so the probability of a bull trap is higher. Looking at the current market, the price of ETH is already close to the horizontal resistance zone, so it is advisable not to chase the rally in the short term.
ETH: Short at 3064, target 2964, stop loss 40 points #BTC #ETH
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The rebound today is quite strong, mainly due to macro factors, such as the end of QT by the Federal Reserve and Vanguard Group's policy allowing crypto ETFs. Additionally, capital accumulation reached as high as 800-900 million, which is quite a lot. At this point, many people might think that the main players are accumulating positions, but it's not that simple. Because during the accumulation process, price swings are usually very small to ensure the chips they buy are at a low price, but currently, the market is being pushed up directly, so the probability of a bull trap is higher. Looking at the current market, the price of ETH is already close to the horizontal resistance zone, so it is advisable not to chase the rally in the short term.
ETH: Short at 3064, target 2964, stop loss 40 points #BTC #ETH