$ETH is approaching a key support level, whale trades plummet
Crypto News reports: Ethereum is currently priced at $1747, nearing the historical support zone of $1600-$1700. Multiple indicators suggest that ETH is approaching a cyclical low, but large on-chain transactions are cooling off, making short-term rebound expectations fragile.
Weekly RSI nearing a low: The current RSI has dropped to the 30-40 range, close to the levels seen at cyclical bottoms in 2018 and 2022, indicating that downward momentum is weakening, but this does not mean a reversal has occurred.
Divergence signs pending confirmation: ETH may be forming a bullish divergence on the weekly RSI (price testing support while RSI does not make new lows), with selling pressure easing. However, a weekly close above the $1600-$1700 range is needed for a more solid rebound judgment.
Whale trades down over 80%: On-chain data shows that large ETH transactions have dropped from 2194 on June 5 to 294, a decline of 86.6%. The reduced frequency of large-holder operations may indicate they are waiting for direction, weakening the conviction of bottom signals, and a strong rebound still requires improved spot demand and participation from large holders.
Funding rate turns positive: The ETH futures funding rate has shifted from bearish to slightly positive, indicating some recovery in long demand, which provides some support for stabilization.
However, the improvement in funding rates is not enough to reverse the overall trend. If ETH fails to hold the $1600-$1700 range, the historical support logic will be weakened; if it reclaims a higher resistance level, the low RSI signals and divergences may then convert into clear rebound evidence.
#美联储维持利率3.5%-3.75% #日元创40年新低干预风险升 #STRC创历史新低 $AGT $ESPORTS
Crypto News reports: Ethereum is currently priced at $1747, nearing the historical support zone of $1600-$1700. Multiple indicators suggest that ETH is approaching a cyclical low, but large on-chain transactions are cooling off, making short-term rebound expectations fragile.
Weekly RSI nearing a low: The current RSI has dropped to the 30-40 range, close to the levels seen at cyclical bottoms in 2018 and 2022, indicating that downward momentum is weakening, but this does not mean a reversal has occurred.
Divergence signs pending confirmation: ETH may be forming a bullish divergence on the weekly RSI (price testing support while RSI does not make new lows), with selling pressure easing. However, a weekly close above the $1600-$1700 range is needed for a more solid rebound judgment.
Whale trades down over 80%: On-chain data shows that large ETH transactions have dropped from 2194 on June 5 to 294, a decline of 86.6%. The reduced frequency of large-holder operations may indicate they are waiting for direction, weakening the conviction of bottom signals, and a strong rebound still requires improved spot demand and participation from large holders.
Funding rate turns positive: The ETH futures funding rate has shifted from bearish to slightly positive, indicating some recovery in long demand, which provides some support for stabilization.
However, the improvement in funding rates is not enough to reverse the overall trend. If ETH fails to hold the $1600-$1700 range, the historical support logic will be weakened; if it reclaims a higher resistance level, the low RSI signals and divergences may then convert into clear rebound evidence.
#美联储维持利率3.5%-3.75% #日元创40年新低干预风险升 #STRC创历史新低 $AGT $ESPORTS