Ethereum ICO giant wakes up! Sold 9,628 pieces in 1 hour $ETH , the golden cross is a trap, rebound hurry and run!
Crypto friends, stop your ETH long positions!
Today, ETH has released a heavyweight news - the Ethereum ICO giant has awakened after a year of slumber! Acquired 38,800 ETH during the 2015 ICO, today directly transferred 18,500 ETH, and then sold 9,628 ETH on-chain at a price of $2,049, making a profit of $19.72 million!
The news also mentioned: may continue to sell!
You think about it, this is the earliest Ethereum giant, with a cost so low it's frightening, and now it’s starting to offload. Moreover, the first move is nearly ten thousand pieces, this is not small retail investors selling, this is original shareholders cashing out!
Summary: The giant is running, don't reach out to catch the knife.
Let's take a look at the technical side, this is the key.
On the 1-hour K-line chart, the overall trend of ETH today is a decline, this is certain.
Although MACD shows a golden cross, but if you look closely - DIF and DEA just stick together below the zero axis, and the histogram has just turned red, this is a technical repair golden cross during a downtrend, not a trend reversal.
The price is struggling around 2024, trading volume is moderately increasing, but that is a tug-of-war between bulls and bears, not real buying power entering the market. Although RSI has strengthened, it has not yet entered the strong zone. This kind of golden cross is likely a trap for bulls, a small rebound, and then continue to fall.
Summary: The golden cross is a rebound, not a reversal, the bearish trend has not been broken.
Zhao Gongming's viewpoint is very clear:
At this position, I will not chase long, I am bearish, a rebound is an opportunity to escape.
If whales have started selling, who do you expect to pull the market? There may be a short-term rebound, but that is just an opportunity for you to run away, not a signal to bottom fish.
Retail operation suggestion: A rebound is an opportunity to reduce positions, look for opportunities to exit in the 2060-2080 range, don’t hesitate; if you want to short, you can try to short with light positions at the rebound level, with the first target at 2020 and the second target at 1980.
Will the whales continue to sell? What position is the safest to short at the rebound? These details, I will only discuss with the fans in the chat room. Follow Gongming, join Zhao Gongming's chat room, and I will guide you to profit without getting lost! #ETH走势分析 #CZ称比特币是硬资产