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#ETH# **. Pump Drivers**
- **Institutional Accumulation**: Nasdaq-listed company SharpLink continues to buy ETH, currently holding **312,000 ETH** (valued at approximately $974 million), some of which comes from direct purchases by the Ethereum Foundation.
- **Derivatives market is active**: ETH open interest increased **7.03%** to $46.31 billion, with Binance's top traders long-short ratio reaching **2.23** (bulls in control).
- **ETH/BTC exchange rate rebounds**: up **56.4%** from the April low, reaching **0.02762**, indicating that funds are shifting from BTC to ETH.
### ** Technical Indicators**
- **RSI (30 minutes)**: 64.37 (bullish, not overbought).
- **MACD**: The 30-minute chart shows a bullish crossover, but is slightly flattening.
- **Chande Momentum Indicator (1D)**: 94.96 (extremely bullish, highest since 2021).
- **Bollinger Bands (4H)**: The upper band is expanding, and the price is approaching the upper band, indicating increased volatility.
### **Market Sentiment and Risk**
- **Bullish Signal**: Institutions hoarding coins, long positions dominating the derivatives market, strong technical indicators.
- **Potential Pullback Risk**: If it falls below $3,020, it may retract to $2,900-$2,770.
- **Macroeconomic Factors**: U.S. PPI data came in below expectations, and the market bets on a 54% probability of the Federal Reserve lowering interest rates in September, which may benefit risk assets.
### **Today's Trading Strategy**
- **Breakthrough Strategy**: If it stabilizes above $3,300, you can focus on the target of $3,520-$3,700.
- **Pullback Strategy**: If the price bounces back and stabilizes at the $3,020-$3,000 support level, it can be seen as a buying opportunity.
- **Stop Loss Suggestion**: If it drops below $2,900, be wary of a deeper correction.
### **Summary**
Today, ETH is driven by institutional accumulation, technical breakthroughs, and market sentiment, remaining bullish in the short term. However, attention should be paid to the $3,300 resistance breakthrough; if successful, it may further pump, otherwise it may enter a short-term consolidation. It is recommended to assess the trend continuation in conjunction with changes in trading volume.