$BTC $ETH $BNB
1. Breakthrough Nature: Mild Follow-up Rise
A 3.12% increase is considered a mild rise in the cryptocurrency market. This breakthrough is more of a follow-up to Bitcoin's (BTC) recent strong performance. Typically, after BTC stabilizes or breaks through, funds will flow into mainstream coins, thereby driving up the price of ETH. 2,100 USDT was previously a zone of intensive trading, and this breakthrough indicates that **bulls are digesting the supply at this position.
2. Macro and News Driven
Macroeconomic sentiment is warming: If U.S. stocks (especially the Nasdaq) rebound recently, or if the Federal Reserve releases dovish signals, risk appetite will increase and funds will flow into the crypto circle.
ETF Fund Flow: Pay attention to whether the U.S. Ethereum spot ETF has sustained net inflows. Institutional funds buying through ETFs often lead to steady price increases.
Ecosystem and Upgrade Expectations: After the Ethereum Cancun-Deneb (Dencun) upgrade, Layer 2 transaction fees will decrease, and increased ecosystem activity will also support the coin price. If there is a new narrative, it will attract more attention.
3. On-chain and Off-chain Data Verification
Burning and Supply: You can check the data on Ultrasound.money. If network activity leads to an increase in ETH burning, achieving net deflation, it will help boost the price.
Exchange Inventory: If the ETH balance on exchanges continues to decrease, it means selling pressure is lowering, and accumulation signs are evident.
4. Market Sentiment and Leverage Levels
A small rise usually means that the futures market has not become overly crowded. However, if the funding rate suddenly spikes after a breakthrough, there may be short-term pullbacks due to long liquidation.
5. Risk and Resistance Considerations
Key Resistance Level: Attention should be paid to the supply zone of 2,200—2,300 USDT above.
BTC Correlation Risk: If BTC suddenly pulls back, ETH is likely to follow suit.
# U.S. PCE data will be released