EWY is now around 178.5. Looking at the 4-hour chart, it’s turning long in that direction, and the price has also climbed above the two 15-minute moving averages—short-term it doesn’t look weak.
But the fuel for this rise is a bit off—it's all inside the futures. The daily open interest is up more than 11%, the active buy orders make up about 70%, and the 7-hour trading volume has doubled—basically leverage is pushing the market.
Spot hasn’t shown much movement. The big-order fund flow is basically zero, and the sell orders on the order book are thicker than the buy orders. In plain terms, the rise is bought out of futures; spot isn’t really absorbing. This move looks more like capital is pushing, not real buyers are grabbing it with “cash.”
The good news is that the funding rate is still low. Long positions aren’t crowded, and the whales are still net long. However, the whales have been gradually reducing longs over the past couple of days—price is moving up while big players are holding back. This divergence needs to be watched.
So I won’t chase here. If it moves up to around 181, that’s resistance near the previous high; if it pulls back to 176 and can hold there, then we can consider it. Either wait for a breakout above 181 on increased volume, or wait for the pullback to stabilize—chasing higher has mediocre risk-reward.
#ewy $EWY
But the fuel for this rise is a bit off—it's all inside the futures. The daily open interest is up more than 11%, the active buy orders make up about 70%, and the 7-hour trading volume has doubled—basically leverage is pushing the market.
Spot hasn’t shown much movement. The big-order fund flow is basically zero, and the sell orders on the order book are thicker than the buy orders. In plain terms, the rise is bought out of futures; spot isn’t really absorbing. This move looks more like capital is pushing, not real buyers are grabbing it with “cash.”
The good news is that the funding rate is still low. Long positions aren’t crowded, and the whales are still net long. However, the whales have been gradually reducing longs over the past couple of days—price is moving up while big players are holding back. This divergence needs to be watched.
So I won’t chase here. If it moves up to around 181, that’s resistance near the previous high; if it pulls back to 176 and can hold there, then we can consider it. Either wait for a breakout above 181 on increased volume, or wait for the pullback to stabilize—chasing higher has mediocre risk-reward.
#ewy $EWY
