ETHFI current price about 0.698, down about 7% in the last 24h. Day high 0.754, day low 0.697—basically grinding right at the floor. OKX perpetual contract volume is around 9.8 million U, so it’s tradable. Funding rate is about +0.005%—longs are still paying shorts. With the drop this big, longs haven’t fully flushed out yet.
Don’t rush to “buy the floor.” Being near the daily low plus the funding still positive indicates the incoming longs are still holding up the trade. Another sweep lower with a stop-out is normal. If you really want to go long, wait at least until it breaks above 0.72 on increased volume. Chasing longs now is just paying fees to the shorts.
Trading takeaway: Prefer shorting rallies; don’t bottom-pick. Bias slightly bearish; use 3–5x leverage. Stop loss: above the day high, around 0.76. Take profit: first look at 0.67–0.65. Position size should not exceed 5% of total capital. If the funding turns negative and it reclaims 0.72, cut the short position by half—don’t stubbornly hold.
Don’t rush to “buy the floor.” Being near the daily low plus the funding still positive indicates the incoming longs are still holding up the trade. Another sweep lower with a stop-out is normal. If you really want to go long, wait at least until it breaks above 0.72 on increased volume. Chasing longs now is just paying fees to the shorts.
Trading takeaway: Prefer shorting rallies; don’t bottom-pick. Bias slightly bearish; use 3–5x leverage. Stop loss: above the day high, around 0.76. Take profit: first look at 0.67–0.65. Position size should not exceed 5% of total capital. If the funding turns negative and it reclaims 0.72, cut the short position by half—don’t stubbornly hold.