$ETH is now at 2495.61, down 0.31% in 24h, while BTC rose 0.31%同期 (about 82824), and ETH slightly underperformed. Gate perpetuals had a 24h high of 2519.73, low of 2472.45, an amplitude of about 1.9%, volume of about 2.48 billion U, and a funding rate of +0.0001%.
Market action: Around 7 pm last night, about 368 million U was pushed from 2491.5 up to the daily high of 2519.73, but it failed to hold. At 9 pm, about 363 million U dumped it to the daily low of 2472.45, and at 10 pm about 296 million U bounced it back to 2490. Since then, from midnight until now, it has mostly been ranging between 2473 and 2498. Starting at 10 am today, hourly volume has only been about 23 million to 47 million U, less than one-tenth of the two big candles last night.
Reason: Last night’s two large candles were driven by BTC. BTC surged at 7 pm with about 603 million U to 83499.6, then tested 82448.8 at 9 pm, and ETH followed along. After BTC returned to the 82500–82800 range, ETH also returned to around 2490, with no independent direction. Now volume is shrinking and the funding rate is close to zero; neither longs nor shorts are adding leverage, and no one wants to make the first move.
Conclusion: Do not chase. The range is 2472–2520, and the current price is in the upper-middle part of the range, so do not trade inside the range. If it breaks below 2472 with volume, look at 2450; if it breaks above 2520 with volume, look at 2550.
Market action: Around 7 pm last night, about 368 million U was pushed from 2491.5 up to the daily high of 2519.73, but it failed to hold. At 9 pm, about 363 million U dumped it to the daily low of 2472.45, and at 10 pm about 296 million U bounced it back to 2490. Since then, from midnight until now, it has mostly been ranging between 2473 and 2498. Starting at 10 am today, hourly volume has only been about 23 million to 47 million U, less than one-tenth of the two big candles last night.
Reason: Last night’s two large candles were driven by BTC. BTC surged at 7 pm with about 603 million U to 83499.6, then tested 82448.8 at 9 pm, and ETH followed along. After BTC returned to the 82500–82800 range, ETH also returned to around 2490, with no independent direction. Now volume is shrinking and the funding rate is close to zero; neither longs nor shorts are adding leverage, and no one wants to make the first move.
Conclusion: Do not chase. The range is 2472–2520, and the current price is in the upper-middle part of the range, so do not trade inside the range. If it breaks below 2472 with volume, look at 2450; if it breaks above 2520 with volume, look at 2550.