| May 3rd Ethereum Market Review: ETH Steadily Holds the 2300 Level, Selling Pressure and Rotation Coexist

Hello everyone, I am the Planet Market Observer. Today, the weekend market is generally volatile, with Ethereum (ETH) currently fluctuating narrowly between $2280 and $2320, holding the important psychological level of $2300. Compared to Bitcoin's strength, ETH's short-term performance is relatively mild, but signs of capital rotation are still evident.
Current Price and Structure
• Current price: approximately $2290-$2310
• 24h change: slight fluctuation within ±1.5%
• Key support: $2250-$2280 (may test $2200 if broken)
• Key resistance: $2350-$2380 (breakthrough could challenge $2400-$2450)
Since the end of April, ETH has experienced a slight rebound, but still lags behind BTC. On-chain data shows that the Ethereum Foundation recently reduced OTC holdings significantly (about $47 million over two weeks), bringing some selling pressure to the market, but it has not triggered panic selling, indicating underlying support remains.
Influencing Factors Analysis
1. Foundation Selling: Continuous two-week selling activity, officially stated for ecosystem and development use. Short-term negative, but predictable, and the market has partially absorbed it.
2. Layer 2 and DeFi Activity: TVL on Layer 2 networks like Base and Arbitrum continues to grow, and DeFi total locked value is gradually recovering, providing fundamental support for ETH.
3. Macro and Regulation: The CLARITY bill’s stablecoin rules are gradually being implemented, and Trump-related statements have also boosted risk asset sentiment, making the overall environment still relatively friendly.
4. Capital Rotation: Hot topics shifting from meme and AI to some public chains and RWA, with ETH acting as a value anchor asset, mainly playing a “stabilizer” role in the short term.
Market Outlook
In the short term, ETH is likely to continue fluctuating within the $2250-$2400 range. Bullish logic: if it can hold above $2350 with increased volume, it may follow BTC to hit new highs; bearish logic: if foundation selling pressure persists or macro data exceeds expectations, it could retest support at $2200.
Trading Suggestions (for reference only):
• Short-term: Focus on oscillation around $2300, buy low and sell high.
• Mid-term: Watch for effective breakout above $2350; if broken, consider moderate follow-up, with stop-loss below $2250.
• Risk Control: Avoid excessive leverage, monitor large on-chain transfers and exchange fund flows.
• Novice Reminder: Currently more suitable for watching and small positions, avoid blindly going all-in.
Ethereum’s fundamentals remain solid, with reductions being normal; key factors are ecosystem implementation and market sentiment. In a bull market, patience often outweighs impulsiveness.
What’s your view on ETH’s recent wave on the Planet? Continue holding or prepare to add or reduce positions? Welcome to leave comments and discuss~
(Above is only personal market observation and does not constitute investment advice. Cryptocurrency markets are highly volatile, participate rationally, and manage risks carefully.)