Feb.27-Mar.4(ETH)Weekly market recap

BTC and ETH continue to perform strongly, with BTC coming close to reaching ATH last week. However, most tokens on the market continue to fluctuate, and only meme coins follow the pace of BTC. We noticed that during last week's rise, although BTC and ETH both experienced significant increases, tokens with derivative properties of BTC and ETH, such as ORDI, RATS, OP, and ARB, performed generally during this cycle. We believe that this situation may be caused by the short-term supply and demand relationship surpassing value investment. Recently, the increase in staking points projects such as Merlin, Babylon, and Eigenlayer is likely to increase the short-term demand of BTC and ETH.

After ETH broke through the given resistance level, it continued to rise at a fixed slope, and the strength of the bulls surpassed that of BTC. Trading volume remained at average levels.

Judging from the WTA indicator, ETH whales have not increased significantly like BTC, which is consistent with the previous rise. The ME indicator maintains its bullish trend.

Similar to the BTC situation at the 4h level, the blue columns representing whales participated in the recent rise. The ME indicator continues to maintain its bullish trend.

In summary, we believe that the bullish trend of ETH has not ended, and the stable rise has established a foundation for pump. So we raise the resistance level to 4000 and the support level to 3300.

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