Ethereum broke through the 4000 mark in a discontinuous manner, and after Bitcoin plummeted below 110000, both continued to decline, with the Big Dipper reaching the 10.8/3800 mark.
This long lost decline feels even more exciting than a ten thousand point waterfall, with a bearish, plummeting, breaking, and weak rebound followed by a deeper decline. This wave undoubtedly wiped out the bulls, as there was no rebound from the beginning to the end of the week.
Don’t cry, there are many singles shivering in high positions this time. Duodan with a big cake posture of 116000 yuan/4600 yuan is probably not sleeping well, and Duolianfan with a posture of 113000 yuan/4300 yuan/4300 yuan is probably not in the mood to eat. At first glance, it seems that the data of ETH spot ETFs is not good. Surprisingly, none of the institutions in the United States have net inflows, but in fact, the net outflow data of ETH is similar to BTC. However, in the past two days, I have indeed felt the weakness of ETH purchasing power. Therefore, even when Bitcoin rebounded, ETH’s trend was still not good enough, as if it had returned to that dark period.
After all, the topic of ETH has decreased a lot, and now fewer people are watching the previously hyped ETH strategic reserve. The trends of both SBET and BMNR stocks are disappointing, and even the mNAV value has been underwater for a period of time. Although BTC is not doing well, the selling of BTC is still very rare.
In the short term, unless the purchasing power of ETH can be increased, it will be difficult for the price to strengthen.
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