Matrixport: Ethereum May Continue to Face Pressure, March Upgrade Market Sentiment Cools

On February 10th, Matrixport issued its daily chart analysis. It was stated that since late January, the Ethereum spot ETF has seen a total inflow of $500 million. Nevertheless, the ETH price has not shown a significant rebound. This implies that although the previous price surge in November due to the Trump election has mostly been retraced, the selling pressure in the market remains strong. However, the interest of long-term value investors appears to be warming up. Even members of the "World Financial Freedom" organization have expressed their interest in ETH. Looking ahead, the Ethereum network upgrade in March could potentially serve as a catalyst. But the market reaction has been relatively lackluster, unlike the enthusiastic atmosphere during past upgrades. Currently, the market generally believes that this upgrade is unlikely to trigger a major rally. In the absence of clear positive catalysts, the ETH price may continue to face pressure, and Ethereum's market share has dropped to 10%.