With this one sell-off, I actually want to see more.

Last night, the 4H went from 2630 down to 2562. The single-candle trading volume was 750,000 ETH—about twice that of the previous few candles.

The problem is, after it was sold off, it didn’t keep falling.

In the following two 4H candles, the trading volume quickly shrank to around 300,000, and the price held steady in the 2570–2580 range, which suggests that there are buyers picking up around 2560.

Looking at the derivatives contract data, it’s even clearer:

OI fell from 2.35M ETH to 2.33M. With the price down and positions also down, this looks more like long positions being flushed out—not like shorts massively adding.

Whale positioning is still tilted bullish: long/short ratio is 1.62. Over the past hour, the aggressive buy/sell ratio is 1.11—buying demand is back.

So I’m not looking for continued liquidation right now.

As long as 2560 doesn’t break, I’ll look for a rebound. First target 2630; if it breaks through, then look at 2660.

Now chasing a short, I think the risk/reward is pretty bad. $ETH