The Ethereum market is experiencing significant fluctuations, and investors need to remain vigilant. Recent market trends have validated the investment principle that "buying the dip is not advisable in a bear market."

Latest market trends:

First, the BlackRock ETF decision has been confirmed to be postponed, and the U.S. Securities and Exchange Commission officially announced that the relevant decision will be delayed until July.

Secondly, on-chain data shows significant fund movements: approximately 48,000 Ether were observed to be transferred from whale addresses to exchange platforms within a single hour, such a scale of fund transfer is worth noting.

Technical analysis shows three key signals:

The trading volume indicator shows a weak trend, with the current trading volume at approximately 27.97 million USD, significantly lower than the 5-day average trading volume of 43.22 million USD, only reaching about 60% of the average volume, indicating a lack of upward momentum in the market.

The MACD indicator is operating below the zero axis, with a DIF value of -23.72 and a DEA value of -22.52 forming an unfavorable technical pattern. The green histogram body of -2.39 indicates that the downward trend may continue.

The price is under pressure from multiple moving averages, with the 6-hour chart showing clear resistance at $2878. If the price breaks below the support level of $2433, it could trigger a large-scale liquidation event, potentially dropping to the $2380 area.

On-chain metrics are also not optimistic:

The main exchanges have seen a negative premium phenomenon, reaching -1.2%, indicating significant selling pressure from institutions.

The funding rate remains at -0.18%, indicating that the current bearish strength is relatively strong.

Despite the issuance of 200 million USDT by Tether, these funds seem to be temporarily staying off-exchange and have not flowed into the market.

What is worth paying close attention to is that the on-chain withdrawal behavior of institutional investors has明显增加. Whether this is for redeploying funds or a sign of losing confidence in the market needs further observation.

In the current market environment, it is crucial to rationally analyze technical indicators and on-chain data to make prudent investment decisions.