9.22 Tuesday Big Cake and Ether Thoughts
Big Cake is trading around 86,200, with Ether at around 2,770. In the early hours, Big Cake briefly rose to around 87,400, setting a new 8-month high. Yesterday, nearly 140,000 traders were liquidated across the entire market, and the shorts were wiped out in a round.
Why not rush to short?
Glassnode data shows that current perp contract speculative sentiment remains subdued, and the funding rate is still below the neutral level. What does that mean? It indicates that this rally wasn’t driven by aggressively leveraged long positioning being pushed higher—instead, it’s driven by short covering. Since the funding rate hasn’t risen, longs haven’t gotten overheated yet, and the fuel for further short covering may not be fully burned.
So should you chase longs?
Not recommended either. Big Cake’s RSI is already overbought above 85, and the market likely needs a short-term pullback/repair. The zone above 86,000–87,000 is a “double-function area for acceleration/break-even” where price action needs sufficient volume to break through effectively. It’s also reinforced by the spot ETF average cost, long-term holders’ positioning, and the concentrated strike levels of call options. This area requires strong volume to do the job.
Trading references
Big Cake: If it pulls back to 85,000–85,600 and stabilizes, consider scaling into long positions in batches. First target: 87,000. If it breaks out, watch 88,000. If there’s clear stalling in the 87,500–88,500 range, you can lightly short to bet on a pullback.
Ether: If it pulls back to 2,720–2,700 and stabilizes, consider low longs in batches. Aim for 2,790–2,810. If it breaks out, watch 2,850–2,900. If 2,790–2,810 faces clear pressure, you can lightly short.
Don’t rush to short against the trend, and don’t blindly chase longs. Pullbacks are opportunities—wait for signals before acting.
$BTC $ETH #比特币突破8.5万美元
Big Cake is trading around 86,200, with Ether at around 2,770. In the early hours, Big Cake briefly rose to around 87,400, setting a new 8-month high. Yesterday, nearly 140,000 traders were liquidated across the entire market, and the shorts were wiped out in a round.
Why not rush to short?
Glassnode data shows that current perp contract speculative sentiment remains subdued, and the funding rate is still below the neutral level. What does that mean? It indicates that this rally wasn’t driven by aggressively leveraged long positioning being pushed higher—instead, it’s driven by short covering. Since the funding rate hasn’t risen, longs haven’t gotten overheated yet, and the fuel for further short covering may not be fully burned.
So should you chase longs?
Not recommended either. Big Cake’s RSI is already overbought above 85, and the market likely needs a short-term pullback/repair. The zone above 86,000–87,000 is a “double-function area for acceleration/break-even” where price action needs sufficient volume to break through effectively. It’s also reinforced by the spot ETF average cost, long-term holders’ positioning, and the concentrated strike levels of call options. This area requires strong volume to do the job.
Trading references
Big Cake: If it pulls back to 85,000–85,600 and stabilizes, consider scaling into long positions in batches. First target: 87,000. If it breaks out, watch 88,000. If there’s clear stalling in the 87,500–88,500 range, you can lightly short to bet on a pullback.
Ether: If it pulls back to 2,720–2,700 and stabilizes, consider low longs in batches. Aim for 2,790–2,810. If it breaks out, watch 2,850–2,900. If 2,790–2,810 faces clear pressure, you can lightly short.
Don’t rush to short against the trend, and don’t blindly chase longs. Pullbacks are opportunities—wait for signals before acting.
$BTC $ETH #比特币突破8.5万美元
