The price of $ETH reaching 4100 is normal given the selling pressure at this level. It all depends on whether it can be bought back later. The group is full of short positions above 4090. It's completely fine to take short-term trades, but I'm worried that after a small pullback here, it will continue to break through. The buying pressure for ETH over the weekend has been so strong; it's crazy!
$ETH broke through 3980 directly in the early morning, heading straight for 4100, with a peak at 4071.
After breaking through the key resistance, the market quickly surged, giving no time for bears to react, directly liquidating large short positions above. Currently, the heat of ETH in the market has completely surpassed BTC, and the contract open interest continues to increase, but it has not yet exceeded the open interest of ETH at 3800 on the 29th.
This indicates that most retail investors were unwilling to bet on a rise to 4000 at the 3900 level yesterday, as it did not offer good value. The upper level of 4100 is a very noteworthy point.
In December 2024, it broke through the high point that had been tested twice without success. The selling pressure will definitely be heavy! If it breaks through, the target will be 4800. If it doesn't break through, it may pull back to around 3500 before attempting to break through again. As long as the ETF can absorb the market's selling pressure, the market will continue to rise.
17.49K
12
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.