Wintermute: The price level that Ethereum truly needs to pay attention to is around $1600

Odaily Planet Daily reports that since experiencing a liquidation crisis two weeks ago, Bitcoin has failed multiple times to break through $70,000. The lack of rebound buying pressure is more convincing than the price range itself. Price movements are volatile, liquidity is insufficient, and the range is narrow, with no clear support. Ethereum fell below $1,900 this week, a level that is more psychologically significant than technically. The key level Ethereum needs to watch is around $1,600.

Although prices have stabilized, institutional demand does not seem to have recovered, as clearly seen in the previous $85,000 to $95,000 price range. The derivatives market lacks directional judgment and demand. The basis is at multi-month lows, put options skewness remains high and continues to rise, and open interest has been declining since October.

During trading hours, capital flows lean toward selling activity, but an interesting signal appeared mid-week: high-net-worth individuals briefly showed interest in some altcoins. This was a small but noteworthy spark of confidence in an overall defensive market environment, though it quickly disappeared.

In the second half of the week, the market again experienced volatility, with reduced willingness to enter positions, indicating the market is not yet ready to reward early positions. Current trading activity remains mainly risk-averse rather than confident.