I’ve been holding this short for a whole week, and today I finally got the big bearish candle I was waiting for.
I opened the short above 2,700 last week. In the meantime, the market makers kept pushing the price up and down with long wicks, and my heart nearly stopped. I almost gave up and cut my losses several times. Then today, price plunged in one big bearish candle, breaking below the bottom of the daily trading range. SuperTrend also turned green, and price fell below both MA7 and MA25.
The most interesting thing is the long/short ratio: longs still account for 93%, while shorts are only at 7%. With so many people crowded into longs, if the psychological 2,600 level fails, there’ll be a pile of stop-loss orders above waiting to trigger. That’s when a long squeeze could really drive the price down.
The news isn’t doing the bulls any favors either: U.S. spot ETH ETFs have seen net outflows for several days in a row, with institutions continuing to pull out. Withdrawals from the Blast L2 network close on the 26th of this month, so a lot of people may sell. On top of that, trade-war tensions are flaring up again, U.S. Treasury yields are rising, and risk assets are getting hammered across the board.
In my view, the daily breakdown is now underway. First, I’m watching the 2,400 level; below that, the next target is around 2,200, near MA99. We’ll see if there’s any support there.
I’ve moved the take-profit on my short to around 2,450 and will let the rest of the position run.
Do you think this move can reach 2,400? Let’s discuss in the comments.
$ETH #以太坊 #做空 #合约 #ETH Price
I opened the short above 2,700 last week. In the meantime, the market makers kept pushing the price up and down with long wicks, and my heart nearly stopped. I almost gave up and cut my losses several times. Then today, price plunged in one big bearish candle, breaking below the bottom of the daily trading range. SuperTrend also turned green, and price fell below both MA7 and MA25.
The most interesting thing is the long/short ratio: longs still account for 93%, while shorts are only at 7%. With so many people crowded into longs, if the psychological 2,600 level fails, there’ll be a pile of stop-loss orders above waiting to trigger. That’s when a long squeeze could really drive the price down.
The news isn’t doing the bulls any favors either: U.S. spot ETH ETFs have seen net outflows for several days in a row, with institutions continuing to pull out. Withdrawals from the Blast L2 network close on the 26th of this month, so a lot of people may sell. On top of that, trade-war tensions are flaring up again, U.S. Treasury yields are rising, and risk assets are getting hammered across the board.
In my view, the daily breakdown is now underway. First, I’m watching the 2,400 level; below that, the next target is around 2,200, near MA99. We’ll see if there’s any support there.
I’ve moved the take-profit on my short to around 2,450 and will let the rest of the position run.
Do you think this move can reach 2,400? Let’s discuss in the comments.
$ETH #以太坊 #做空 #合约 #ETH Price
