In the live broadcast of the language community, Ethereum surged nearly 3% in a single day and returned to 4100! Is it a bottoming out rebound or a dead cat jump?

Click on the link to enter Tencent Meeting: https://meeting.tencent.com/p/9850662513 After a week of devastating losses, Ethereum has finally experienced a strong rebound. On September 29th, the price of ETH broke through $4100, with a daily increase of nearly 3%, reaching a high of $4140. 【 01 Market Overview: General rebound 】 Led by Ethereum, the cryptocurrency market experienced a general rebound on September 29th. According to the data, as of the time of writing, ETH is currently trading at $4123.39, up 2.98% within 24 hours. The highest reached $4140 in 24 hours, and not only did Ethereum perform strongly, but Bitcoin also rose 2.21%, returning to above $111000. Other major cryptocurrencies are also showing an upward trend, with Binance, Dogecoin, Solana, and others all rising by over 2%. Along with the market rebound, cryptocurrency concept stocks also collectively rose, with BMNR up over 5%, SharpLink Gaming up over 3%, and Coinbase up over 2%. 【 02 Background of rebound: Last week's sharp decline 】 This rebound is based on the dismal performance of the previous weeks. Just before the rebound, the cryptocurrency market had just experienced the 'September Curse'. As of the week of September 29th, the global cryptocurrency market value has evaporated by about $300 billion this week, marking the most severe continuous decline in months. Ethereum led the decline in major cryptocurrencies, with a weekly drop of up to 12%, falling below the key psychological support level of $4000. Bitcoin was also not spared, falling by about 5%. This sharp decline has led to the liquidation of billions of dollars in bullish bets in the perpetual futures market, further exacerbating the downward trend. Market sentiment has been dragged to its lowest point since early summer. 【 03 Driving force: Cook's statement and oversold rebound 】 Today's rebound was driven by multiple factors. Apple CEO Tim Cook recently publicly stated that he holds Bitcoin and Ethereum. This statement undoubtedly injects confidence into the market. Cook revealed that he is a cryptocurrency investor and explicitly holds Bitcoin and Ethereum. The oversold state on a technical level is also an important reason for the rebound. From a technical analysis perspective, the ETH price has reached its lowest relative strength index (RSI) level since the April low, indicating that it may currently be oversold. At the same time, there is a positive signal from the on chain data. In the past 24 hours, two newly established wallet addresses have withdrawn a total of 5830 ETH worth approximately $24.08 million from the centralized exchange. This indicates that major players may be accumulating chips. 【 04 Long Short Factors: Intertwined Oppositional Forces 】 Positive factors: In addition to Cook's statement and oversold technology, market sentiment has improved. The report on Friday's slowdown in US inflation data growth has given the Federal Reserve some breathing space, and overall risk sentiment has improved. Some institutional investors see the decline as a buying opportunity. On September 24th, the inflow of Bitcoin ETF turned positive, and BlackRock's IBIT purchased $128 million worth of BTC. risk factors However, the market still faces numerous obstacles. The Ethereum spot ETF has experienced a large-scale outflow of funds. Last trading day (September 22-26), the Ethereum spot ETF had a net outflow of $796 million per week. All nine ETFs experienced net outflows. This phenomenon reflects a decrease in institutional investors' optimism towards ETH in the short term. Meanwhile, the hawkish stance of the Federal Reserve also played an important role in this market downturn. When the US dollar soared due to hawkish information from the Federal Reserve, interest rates remained high, and the uncertainty of future interest rate cuts continued to weaken risk appetite in asset classes ranging from technology stocks to digital assets. However, investors still need to be vigilant as the net outflow of Ethereum spot ETFs reached $796 million last week, and the withdrawal of institutional funds suggests that the road to rebound will not be smooth sailing. Operation suggestion: BTC 110050 long. First target: 111850. Second target: 112765; ETH 4070 long first target watch 4120 second target watch 4180 Join the language community communication group to obtain more services 1. Real time troubleshooting (online one-on-one question answering and sorting) 2. Professional technical analysis and theoretical learning 3. Construction and improvement of trading system- 4. Live streaming courses every day, contract termination, real-time order making, to help you successfully land! Every day, there are teachers in the group who provide precise positioning to answer questions and offer free guidance. Tencent Meeting Live: 985-066-2513 DingTalk Group Number: 120320009032 Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.