$ETH Ethereum liquidations reached $356 million ๐ฅ
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๐ข $ETH Ethereum liquidations reached $356 million; short-term outlook is bearish
โ ๏ธ Technical analysis: After $356 million in liquidations, the price rebounded slightly to 2491. However, the daily, 4-hour, and 1-hour moving averages are all bearishly aligned and trending downward. The daily ADX is 41.9 and the 4-hour ADX is as high as 56.1, indicating a very strong downtrend. The 4-hour volume ratio is just 0.02, showing that the rebound lacks volume support. The key support below is 2405; a break below it could accelerate the decline. Resistance at 2806 is some distance away, making a short-term recovery difficult.
๐ข Market developments: Heavy liquidations were concentrated in leveraged long positions, and market sentiment is fearful. However, Binance's ETH reserves have fallen to a six-month low, while withdrawals have surged, indicating that holdings are moving off exchanges. This could be a potential medium-term positive, but is unlikely to change the weak short-term trend.
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#ๆๆฏๅๆ #Ethereum liquidations reached $356 million #ETH
๐ When trading, pay attention to whether the candlestick pattern confirms
โโโโโโโโโโโโโโโโโโโโ
๐ข $ETH Ethereum liquidations reached $356 million; short-term outlook is bearish
โ ๏ธ Technical analysis: After $356 million in liquidations, the price rebounded slightly to 2491. However, the daily, 4-hour, and 1-hour moving averages are all bearishly aligned and trending downward. The daily ADX is 41.9 and the 4-hour ADX is as high as 56.1, indicating a very strong downtrend. The 4-hour volume ratio is just 0.02, showing that the rebound lacks volume support. The key support below is 2405; a break below it could accelerate the decline. Resistance at 2806 is some distance away, making a short-term recovery difficult.
๐ข Market developments: Heavy liquidations were concentrated in leveraged long positions, and market sentiment is fearful. However, Binance's ETH reserves have fallen to a six-month low, while withdrawals have surged, indicating that holdings are moving off exchanges. This could be a potential medium-term positive, but is unlikely to change the weak short-term trend.
โโโโโโโโโโโโโโโโโโโโ
๐ Follow us for the latest market movements ๐
#ๆๆฏๅๆ #Ethereum liquidations reached $356 million #ETH
๐ When trading, pay attention to whether the candlestick pattern confirms