#ETH
Ethereum here is the same. At present, it appears to be moving along an uptrend channel where the lows are lower than the previous lows but still making higher highs on the 9h timeframe. The volume also met resistance around 2510, then gradually started to shrink, which suggests that selling pressure here is weakening. The lower edge of this channel is around 2440–2450. If price breaks below the channel, it would likely need to test around 2350, and only after a breakdown-rejection test like that can we continue to look for an upward move!
From the order book/market depth, you can see that there are more Ethereum shorts here. Open interest is continuously rising, and meanwhile the futures CVD (and the funding rate on the downside) is falling, indicating that quite a few shorts are taking positions to sell here!
Ethereum here is the same. At present, it appears to be moving along an uptrend channel where the lows are lower than the previous lows but still making higher highs on the 9h timeframe. The volume also met resistance around 2510, then gradually started to shrink, which suggests that selling pressure here is weakening. The lower edge of this channel is around 2440–2450. If price breaks below the channel, it would likely need to test around 2350, and only after a breakdown-rejection test like that can we continue to look for an upward move!
From the order book/market depth, you can see that there are more Ethereum shorts here. Open interest is continuously rising, and meanwhile the futures CVD (and the funding rate on the downside) is falling, indicating that quite a few shorts are taking positions to sell here!
