💰 Gate.io Daily Topic & Post Event
➡️ #BitcoinStrategicReserveAct#
— On May 7, New Hampshire became the first U.S. state to include Bitcoin in its strategic reserves. The new HB 302 bill allows up to 5% of public funds to be invested in digital assets and precious metals with a market cap over $500B.
Will this boost Bitcoin’s price? Could it set a trend for other states or countries? Share your thoughts!
➡️ #FOMCMeeting#
— The Fed will announce its May rate decision on May 8. Despite pressure to cut, markets expect no change. How do you think this will impact the market?
✍️ Post with #Bitcoin
Ethereum witnessed a record inflow of 449,000 ETH in one day.
In the past 10 days, the flow of Ethereum (ETH) into accumulation addresses has reached the highest level since 2018. On April 22, 449,000 Ether, with an average value of $1,750, flowed into these addresses, marking the largest inflow in a single day in the history of Ethereum's development.
This increase indicates that long-term holders remain optimistic about the future of Ethereum, despite the recent significant drop in price.
Notably, the actual value has been lower than the market price of Ethereum since 2018, only recently surpassing it, indicating a shift in the dynamics of holders.
From April 20 to 22, the number of active addresses on the network increased by 10%, from 306,211 to 336,366.
This increase and price volatility signal that many investors are participating in the network and indicate an optimistic sentiment.
However, the decentralized financial activity (DeFi) is still low. Data from DefiLlama indicates that the trading volume on decentralized exchanges (DEX) is decreasing, remaining at an average weekly level of about 1.3 million, indicating limited DeFi momentum.
According to the Cost Basis Distribution chart (CBD) for Ethereum, the concentrated supply is marked at $1,895.50, where 1.64 million ETH is held by investors who bought in November 2024. This level, identified as a potential resistance threshold, may experience selling pressure as holders may attempt to find a breakeven point or take profits.
Based on technical analysis, $1.895 continues to be confirmed as a strong resistance level. The price fluctuates near the 50-day exponential moving average (EMA), an important trend reversal indicator. Failing to break through this EMA line could signal the next bearish momentum, while continuous growth could bring hope for the bulls.
However, anonymous trader Rektproof warns of a new emerging bearish fractal, a pattern that has previously led to significant declines. This suggests that Ethereum may face another rejection and drop below $1,400 if the market starts to trend downward again.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.
Viet Cuong