Near the big pancake around 79,400, hovering in front of the 80,000 gate. Last week it was smashed down to 77k at the low, and now it has rebounded to 79.4k. The repair strength isn’t weak, but that 80k gate still hasn’t been crossed. The overhead zone from 79,500 to 80k is a pressure area—only when it stands above 80k can we talk about a reversal. Hold 80,500 and you can look at 81,500; below, 78k is the first support. If it breaks down, watch the liquidation-dense zone from 77,600 to 76,200. Today is Monday—U.S. Labor Day holiday, so trading may be relatively quiet. The real show is on Wednesday and Thursday’s PPI, and Friday’s CPI. In one sentence: August is a month to fatten up, and September is when they come to harvest. Historically, September is the weakest month for the big pancake. Don’t put all of August’s winning fruits on September.
As for ETH today around 2,492, it has climbed back out of the pit at 2,400. But in the past 24 hours, the liquidation volume is the highest in the entire market—$52.9 million—so longs and shorts are locked in a tough standoff at this level. The news that Bitmine bought 53,501 ETH is still being digested, and ETF inflows are ongoing as well. The fundamentals haven’t worsened. But the 2,500 level is still a hurdle. Only when it gets back above 2,500 can we talk about 2,550; a break above 2,550 would then accelerate. Below, 2,450 is the new support. ETH’s current position is quite delicate—there’s a catch-up logic, but it’s just missing that last push. Wait for the big pancake to first give its signal.
As for ETH today around 2,492, it has climbed back out of the pit at 2,400. But in the past 24 hours, the liquidation volume is the highest in the entire market—$52.9 million—so longs and shorts are locked in a tough standoff at this level. The news that Bitmine bought 53,501 ETH is still being digested, and ETF inflows are ongoing as well. The fundamentals haven’t worsened. But the 2,500 level is still a hurdle. Only when it gets back above 2,500 can we talk about 2,550; a break above 2,550 would then accelerate. Below, 2,450 is the new support. ETH’s current position is quite delicate—there’s a catch-up logic, but it’s just missing that last push. Wait for the big pancake to first give its signal.
