$ERA This move is pretty interesting. It jumped 9.62% in 15m, with volume hitting 5.53 times the norm, and price broke above the highs of the last 20 or so 5m candles.
But a closer look at the structure raises some concerns: OI is down 2.39% over 15m and up just 4.46% over 1h. The notional change is clearly lagging behind the price move. The taker flow delta is -2.0%, and the buy/sell ratio is 0.96—despite such a sharp rally, aggressive buying is actually negative.
This looks more like a short squeeze than fresh longs entering. The funding rate is still in the upper end of its recent range, and the OI anomaly percentile is 92.3%, ranking 8th across the whole pool. With this kind of setup, be careful chasing the price higher. The question is who will step in once the short covering is over.
24h trading volume is 188M, so liquidity is adequate, but at this level I’d rather wait and watch.
But a closer look at the structure raises some concerns: OI is down 2.39% over 15m and up just 4.46% over 1h. The notional change is clearly lagging behind the price move. The taker flow delta is -2.0%, and the buy/sell ratio is 0.96—despite such a sharp rally, aggressive buying is actually negative.
This looks more like a short squeeze than fresh longs entering. The funding rate is still in the upper end of its recent range, and the OI anomaly percentile is 92.3%, ranking 8th across the whole pool. With this kind of setup, be careful chasing the price higher. The question is who will step in once the short covering is over.
24h trading volume is 188M, so liquidity is adequate, but at this level I’d rather wait and watch.