ETH is currently around 2312. From last week’s low at 1862, it rallied nonstop to 2336—over the past three days it’s gained nearly a quarter. The whole market is watching this level.
First, what’s different from past moves—money is really coming in. On the spot side, in the last three hours, all twelve candlestick windows on the funds ledger are red, with not a single negative one; for the large-order view, the near-term five windows are also all net inflows. The buy orders absorbing the sells have pushed the sell side aside by more than double, and成交（trading volume）has expanded to three to five times the average. This isn’t being supported by sentiment.
Meanwhile, the “whales” haven’t been idle either. The long-to-short position ratio has already been lifted to 1.6, with longs making up over 60%, and they’ve still been adding over the past seven hours. MACD has formed a golden cross, and both the 1-hour and 4-hour directions are pointing upward. The trend structure looks healthy.
But I have to pour a bucket of cold water at this point: the short-term is overheated. RSI has surged to 82, MFI to 73; price has already pierced through the upper Bollinger Band, and the volatility indicators are maxed out. Also pay attention: in the spot order book, the ask-side stacked volume is noticeably thicker than the bid side. Under this kind of structure, price is more sensitive to sell pressure—so a push higher followed by a pullback could happen at any time.
The conclusion isn’t complicated: the direction is bullish—funds are there, and the trend hasn’t broken. But chasing from 2312 upward isn’t great in terms of value. If you want to board, wait for a pullback to the 2250–2270 area and see if there are buyers to catch it. Getting in after it stabilizes is much more comfortable than chasing the top.
#eth $ETH
First, what’s different from past moves—money is really coming in. On the spot side, in the last three hours, all twelve candlestick windows on the funds ledger are red, with not a single negative one; for the large-order view, the near-term five windows are also all net inflows. The buy orders absorbing the sells have pushed the sell side aside by more than double, and成交（trading volume）has expanded to three to five times the average. This isn’t being supported by sentiment.
Meanwhile, the “whales” haven’t been idle either. The long-to-short position ratio has already been lifted to 1.6, with longs making up over 60%, and they’ve still been adding over the past seven hours. MACD has formed a golden cross, and both the 1-hour and 4-hour directions are pointing upward. The trend structure looks healthy.
But I have to pour a bucket of cold water at this point: the short-term is overheated. RSI has surged to 82, MFI to 73; price has already pierced through the upper Bollinger Band, and the volatility indicators are maxed out. Also pay attention: in the spot order book, the ask-side stacked volume is noticeably thicker than the bid side. Under this kind of structure, price is more sensitive to sell pressure—so a push higher followed by a pullback could happen at any time.
The conclusion isn’t complicated: the direction is bullish—funds are there, and the trend hasn’t broken. But chasing from 2312 upward isn’t great in terms of value. If you want to board, wait for a pullback to the 2250–2270 area and see if there are buyers to catch it. Getting in after it stabilizes is much more comfortable than chasing the top.
#eth $ETH