[$ETH Now 2255, 2336 is the recent high—pulled back more than eighty bucks. In the last 24 hours it’s still holding at 18 points. This money in this move is something I recognize. For the spot market, in the past three hours there were 12 candles and not a single one went negative. Net inflow is nearly 270,000 U, and the big orders are still coming in. The whales are also withdrawing from the exchange, not just “pump-and-dump.”
But after it spikes higher, the chart’s feel turns sour. In the order book, the sell orders stack up—at more than two and a half times the size of the buy orders. Above 2330 there’s a wall of liquidity.
On the futures side, for the past few hours the large accounts’ long positions have been shrinking. The long/short ratio on accounts has dropped by almost 5 points. Retail traders, however, are rushing in—70% of positions are standing long, chasing harder than the big players.
The upward momentum is also soft. In one hour the candles flatten; the four-hour pulse is already consumed and lost steam. Open interest has only dipped slightly, while leverage—borrowed funds cut down by 60% over 12 hours. To bring it to this level now, the follow-through money is clearly not as strong as it was in that earlier leg.
Outside, people are already talking about 2500. Sentiment scores are above 8. I’m not saying it has to drop—I’m just saying chasing longs at this point has mediocre value-for-risk. Sell pressure is stacked overhead; retail is the most crowded. If there really is a second push higher, they’d have to first digest all these sell orders.
No chasing—wait for a pullback. If the pullback gets bought, then we’ll reassess; if nobody steps in, we should pre-play the ending. Is everyone waiting for this one breath? I’m waiting too.
#eth $ETH
But after it spikes higher, the chart’s feel turns sour. In the order book, the sell orders stack up—at more than two and a half times the size of the buy orders. Above 2330 there’s a wall of liquidity.
On the futures side, for the past few hours the large accounts’ long positions have been shrinking. The long/short ratio on accounts has dropped by almost 5 points. Retail traders, however, are rushing in—70% of positions are standing long, chasing harder than the big players.
The upward momentum is also soft. In one hour the candles flatten; the four-hour pulse is already consumed and lost steam. Open interest has only dipped slightly, while leverage—borrowed funds cut down by 60% over 12 hours. To bring it to this level now, the follow-through money is clearly not as strong as it was in that earlier leg.
Outside, people are already talking about 2500. Sentiment scores are above 8. I’m not saying it has to drop—I’m just saying chasing longs at this point has mediocre value-for-risk. Sell pressure is stacked overhead; retail is the most crowded. If there really is a second push higher, they’d have to first digest all these sell orders.
No chasing—wait for a pullback. If the pullback gets bought, then we’ll reassess; if nobody steps in, we should pre-play the ending. Is everyone waiting for this one breath? I’m waiting too.
#eth $ETH