Ethereum Plummets Over 10% Amid Fusaka Upgrade, Trading Volume Soars to $33.2 Billion

Overview of Today's Market

• Opening Price: Not specified
• Closing Price: Approximately $2,738
• Highest Price: Briefly exceeded $3,000 before dropping
• Lowest Price: Dropped below $2,900, touching around $2,813.20
• Amplitude: Price fell over 10% within 24 hours

Main Fluctuation Phases:

• Ethereum broke key support levels at $2,900, triggering significant price decline.
• Price movement was notably influenced by the activation of the Fusaka upgrade occurring the same day.

Trading Volume and Capital Flow:

• Total Trading Volume: Surged to $33.2 billion, a 200% increase.
• Total Liquidation Amount: Approximately $500 million in long positions liquidated.
• Long-Short Ratio: Not provided.

Technical Analysis

Key Patterns:

• Candlestick patterns: Not detailed in current sources.
• Bollinger Bands/EMA convergence state: Not mentioned.

Indicator Signals:

• RSI: 32, indicating oversold conditions.
• MACD: Negative divergence observed, suggesting continuation of bearish trend.

Support and Resistance Levels:

• Support: $2,700 and $2,500
• Resistance: Not explicitly specified

Market Sentiment and Capital Dynamics

Major Players' Behavior:

• BitMine Immersion Technologies increased Ethereum holdings significantly amid the downturn.
• Ethereum experienced ETF movements with $79 million ETF outflows, contrasting with Grayscale’s ETH ETF inflows totaling $28.1 million.

Retail Investor Sentiment:

• Cautious overall sentiment reflecting the broader crypto market decline.
• Significant liquidations indicate strong selling pressure from retail traders.

Macro and Policy Impacts

• The broader crypto market declined by 6.98%, influenced by macroeconomic factors and potential regulatory concerns.
• No specific remarks from the Federal Reserve or new SEC regulatory updates were highlighted for today.

Tomorrow's Strategies and Risk Warnings

Operation Suggestions:

• Monitor key support levels at $2,700 and $2,500 closely for potential rebounds or breakdowns.
• Consider light long positions if prices stabilize above support, remain cautious of further declines below $2,500.

Events to Watch:

• Ongoing impact and market reaction to the Fusaka upgrade.
• Potential upcoming regulatory developments in the cryptocurrency space.

Risk Warnings:

• High Open Interest may cause increased volatility, risking sharp price swings and additional liquidations.
• RSI oversold condition advises caution as the market could see unstable rebounds or deeper declines.