$ETH is currently at 1889, up 3.2% in 24 hours. The numbers look like they’ve recovered, but something about the chart feels off to me—the 1900 level was breached, then the price slipped back to 1889. It’s still unclear whether it can hold.
What makes me uneasy is that the RSI is already at 72, in overbought territory, while MACD momentum is weakening. The price is being pushed up, but the momentum is fading. I’m not comfortable chasing a move like that.
On-chain activity paints a different picture. There were more than 500 large transfers in 24 hours, including 27 transactions of over 1000 $ETH each, totaling more than $500 million. Most went to exchange addresses, as if institutions were building positions. But the distribution of positions is moving in the opposite direction: over the past week, small addresses holding 0.1 to 10 $ETH rose by 15%, while large addresses holding over 1000 fell by 3%. Retail investors are buying in, while the big players are pulling back.
There’s one awkward detail: the take-profit order I noted down is at 1858, below the current price of 1889. I can’t make those numbers line up. So I’ll keep watching to see whether the move above 1900 is real, but I’m not making a move yet.
What makes me uneasy is that the RSI is already at 72, in overbought territory, while MACD momentum is weakening. The price is being pushed up, but the momentum is fading. I’m not comfortable chasing a move like that.
On-chain activity paints a different picture. There were more than 500 large transfers in 24 hours, including 27 transactions of over 1000 $ETH each, totaling more than $500 million. Most went to exchange addresses, as if institutions were building positions. But the distribution of positions is moving in the opposite direction: over the past week, small addresses holding 0.1 to 10 $ETH rose by 15%, while large addresses holding over 1000 fell by 3%. Retail investors are buying in, while the big players are pulling back.
There’s one awkward detail: the take-profit order I noted down is at 1858, below the current price of 1889. I can’t make those numbers line up. So I’ll keep watching to see whether the move above 1900 is real, but I’m not making a move yet.