ETH under short-term pressure, key support may become a long short watershed

OKX-ETH/USDT is currently trading at $2997.56, a decrease of 0.24% in 5 minutes. Please pay attention to market fluctuations.

[Trump Confirms Selection of Federal Reserve Chair] U.S. President Trump stated that he has decided on the candidate for Federal Reserve Chair and will announce the decision soon.

[Yearn yETH Attacked, Approximately $3 Million in ETH Transferred to Tornado Cash] Yearn Finance's aggregated staking token product yETH was attacked, with the attacker exploiting a vulnerability to mint yETH almost infinitely and depleting the assets in the pool through a single transaction. On-chain data shows that the attacker subsequently transferred approximately 1,000 ETH (equivalent to about $3 million) to the mixing protocol Tornado Cash. Several contracts used to carry out the attack were self-destructed after the transactions were completed. The exact scale of the loss is currently unclear. Yearn has stated that it is investigating the incident, and its V2 and V3 Vault products were not affected.

The 90 minute cycle shows that the member indicator has captured a strong bearish signal: three consecutive bearish lines form a "black three soldier" pattern, combined with the KDJ dead cross and MACD bar chart momentum weakening, indicating increased downward pressure. The current price is around 3024, approaching the key support of 3021.5. The concentration of chips at this position is as high as 4.35%, and buying is slightly dominant. If it falls below, it may trigger an accelerated downward trend. From the distribution of chips, the buying power in the strong resistance area of 3034.5 above is insufficient, and the selling pressure is heavy. Combined with a 37.6% decrease in trading volume, it indicates that the upward momentum is limited. Suggest paying attention to the gains and losses of the 3021.5 support, and if it falls, look towards the strong support of 2947.5. Membership indicators help you accurately capture trend turning points and take a step ahead in market layout! The data is sourced from the PRO member's [ETH/USDT Binance 90 minute] K-line, for reference only, and does not constitute any investment advice.

The People's Bank of China reiterates its comprehensive ban on cryptocurrencies and warns that it will further intensify its crackdown on stablecoins. （Cointelegraph）