A storm of blood and rain is coming! ETH open interest sharply decreased by 2.6 billion, with $2600 becoming the battlefield for Whale slaughter.

"The longer the sideways, the closer the breaking point is - ETH has been repeatedly tested at 2600 knives, either accumulating strength to rush through the level, or cutting off the head."
1. Data Calibration: Price and On-chain Dynamics
The latest price: As of May 22, the current price of ETH is $2,619.54 (users provide K-line chart data), a daily decline of 0.34%, a 24-hour amplitude of 1.7%, a slight decline from yesterday's high of $2,646.
On-chain withdrawals: In the past 30 days, over 1 million ETH (approximately 2.6 billion USD) have been withdrawn from exchanges, resulting in a sharp decrease in circulating supply, alleviating selling pressure, and increasing long-term holding intentions.
Institutional Trends: BlackRock's spot ETF saw an inflow of $436 million in a single day, setting a new historical high, with large funds continuing to position themselves.
2. Long and short game: technology and news
Technical pattern: The daily chart shows a narrow range of $2600-2646, the 4-hour K-line MACD shrinks, the RSI is neutral (about 50), and there is no clear direction in the short term.
Key resistance: $2738 is a recent strong pressure point, and a breakthrough requires significant capital; if it falls below $2600, it may test $2400 (200-day moving average support).
Market sentiment: Bitcoin broke through a new high of $110,000 (now at 110,400), but ETH did not follow the rise, the diversion of funds was obvious, the contract funding rate turned negative, and the bears had a slight advantage.
Correction point: In the original analysis, the "bull flag target of $3600" (page 4) is the view on May 21, and the current price has not broken through the key resistance, so it needs to be temporarily quoted, and the real-time data of the K-line chart shall prevail.
3. Operational strategy: Keep an eye on the two major signals
Short-term (1-3 days):
Break through 2646: Lightly chase long positions, target 2738, stop loss 2590.
Below 2600: Wait and see, if the volume breaks, it may fall to the 2500-2400 range.
Long-term:
Below 2400: Build positions in batches, betting on the approval of the ETF in the second half of the year and the Pectra upgrade dividend (staking yield increases to 8%-10%).
Risk Warning:
Tonight, the US PCE inflation data will be released. If it exceeds expectations, it may trigger a market correction.
The address of the giant whale changed (20,000 ETH was transferred to the exchange), and we were wary of the sudden attack of selling pressure.
"The sideways market is the calm before the storm - will you wait for ETH to skyrocket and then regret not buying, or will you position yourself now?"
$ETH

#比特币突破11万美元