US Treasury short-term supply may increase by tens of billions of dollars, and liquidity expectations warming up directly benefits crypto risk assets. ETH is rising today in line with this. I think the short-term bias is bullish, but as it approaches the previous high we need to guard against a false breakout. In the past 24 hours it has risen 5.0%, breaking above 2766.23, and is pressing near the daily high at 2775. Trading volume is 41.054 million, supporting a mild expansion. The funding rate is only 0.0013%, suggesting the longs are not overheated. The top 10 levels of the order book show a buy/sell ratio of 1.91, with buy orders clearly dominant. Over the past 1 hour and 4 hours, price is more than 13% above the low; the trend is upward, but the 2775 area is the key breakout level. Strategically, on a pullback to around 2708.5 consider going long with a small position size. Place a stop-loss at 2653.7 and a take-profit at 2813.6. If there is a breakout above 2781.4 on increased volume, you can add to the position; move the stop-loss up to 2729.8, and keep position size within 20%. If it breaks down, exit immediately—no holding on for hope.

——Only my personal view, not investment advice. Wishing you a smooth trade.——

$ETH#Treasury short-end supply could increase by trillions of dollars