CryptoWorld News: Ronin will transition on May 12 from an independent sidechain to an OP Stack-based Ethereum Layer 2 network, ending its operation model as a gaming sidechain that has been running since 2021. The migration is expected to cause about 10 hours of downtime, and it will reduce Ronin’s annualized inflation rate from over 20% to below 1%. Ronin suffered an approximately $625 million cross-chain bridge attack in 2022, which remains one of the largest bridge attack incidents in DeFi history.

ETH Trading Recommendations

At midnight, Bitcoin surged upward again. The long positions provided by Silk Road in the evening around 80,500–81,000 were once again validated. Meanwhile, earlier it was also pointed out that Bitcoin was to go long around 80,500 and Ethereum was to go long around 2,300, and the rebound came exactly as expected. This is the process of how the bullish momentum released by the strength of the daily chart gradually empowers the bulls. In fact, this was already emphasized last Friday, and today’s livestream emphasized it even more clearly. After consecutive bearish candles, the monthly chart first formed a turning-up pattern—turning bullish and rising. And it’s important to note that, in my opinion, the strength of this rise is still relatively strong. The main reason is that at the low level, a valid engulfing-style triple bullish candle reversal rebound has formed. Although the month has just begun, based on the space available right now, the probability of closing lower is still not high. And there is still room above the 84,000 area. Overall, the monthly chart remains bullish. On the daily and weekly timeframes, it has been repeatedly emphasized since last week to go long. On Friday, it was directly told everyone that this momentum must not be shorted. The reason is that, based on the pattern, it’s no longer possible to look at a C-wave decline, because the rebound space for the tail wave is too large. On the daily chart, within a strong momentum rhythm, it basically manifests as consecutive bullish rebounds and minor bearish pullbacks for correction—only the adjustment space is slightly larger. But the larger the adjustment space, the more bullish upside momentum it means. For Bitcoin, whether it’s about our strategy or our videos, the guidance is basically to buy around 80,500. The rebound still has more than 1,000 points of room upward, so it can continue to be held. For the swing target, keep focusing on 82,800. For the swing’s second target, focus on around 2,470. For those who are currently in cash with no positions, the evening pullback should not be too deep—wake up early tomorrow morning and go long directly. For the swing trade, in my view, entering can be done anywhere in the 78,500–80,500 range. The target is simply around 82,800, as we mentioned.