Aggressive long on ETH maintaining $2800. Spot price is currently anchored above $3050, demonstrating significant resilience post-correction. The $2800-$2900 zone represents a formidable technical confluence: the 0.618 Fibonacci retracement from the Q1 rally and a high-volume demand node visible on VPVR. On-chain, exchange netflow remains negative, with daily average outflows of ~15,000 ETH over the last week, signaling sustained accumulation and reduced sell pressure. ETH2 staking deposits continue unabated, locking up over 26.8% of total supply, further constricting circulating supply. Derivatives data reinforces this strength: open interest shows substantial put walls at $2800-$2900 for May expiries, providing robust magnetic support, while funding rates are neutral-to-positive. Sentiment: While spot ETF approval remains uncertain for May, the underlying market structure for ETH is clearly de-risking a sub-$2800 breakdown. 95% YES — invalid if BTC sustains a drop below $57,000 within the period.
Aggressive long on ETH maintaining $2800. Spot price is currently anchored above $3050, demonstrating significant resilience post-correction. The $2800-$2900 zone represents a formidable technical confluence: the 0.618 Fibonacci retracement from the Q1 rally and a high-volume demand node visible on VPVR. On-chain, exchange netflow remains negative, with daily average outflows of ~15,000 ETH over the last week, signaling sustained accumulation and reduced sell pressure. ETH2 staking deposits continue unabated, locking up over 26.8% of total supply, further constricting circulating supply. Derivatives data reinforces this strength: open interest shows substantial put walls at $2800-$2900 for May expiries, providing robust magnetic support, while funding rates are neutral-to-positive. Sentiment: While spot ETF approval remains uncertain for May, the underlying market structure for ETH is clearly de-risking a sub-$2800 breakdown. 95% YES — invalid if BTC sustains a drop below $57,000 within the period.
