An article that helps you understand the current state of Ethereum
Why did Ethereum spike up to 2210 last night? The first image shows that the main target is clear: to eliminate all stop losses of short positions. This segment of the market previously left a high price at 2200, so many people would place their short stop losses at 2200. It is quite normal for the main players to consume this wave of liquidity by pushing up. This increase yesterday at least cleared three hundred million of short position liquidity.
Now let's look at the smaller time frames. The second image shows that the market has become very clear. After yesterday's strong rally followed by a rapid decline, the highs and lows are clearly decreasing, indicating a bearish structure. Each rebound's high point is consistently getting lower, and it also broke through a critical support-resistance switch at 2085. Last night's market movement also exploded right at 2085. I believe that for Ethereum to continue strengthening, it must hold above the 2085 level.
Over the weekend, the market should be fluctuating, so pay more attention to this key level of 2085. I will share any new insights in a timely manner.