$US 24h down 24.9%, now at 0.01172. Gate perpetual high for the day was 0.01561, low was 0.01105, with an amplitude of about 41%. Volume was about 18.73 million U, funding rate +0.005% (4h), and longs are still paying — even after a drop like this, the rate still hasn’t flipped negative, which means the trapped longs on the way down still haven’t fully given up.
Market action: from last night to early morning was the main selloff phase. Around 21:00, about 1.9 million U was dumped down to 0.0141; at 22:00, the day’s biggest single volume of about 2.1 million U continued to চাপ the price; at 23:00 it broke 0.0132; around 1:00 a.m. another roughly 1.87 million U pushed it down to 0.01156. During the day, at 14:00 it spiked to the day’s low of 0.01105; from 17:00 to 19:00 it rebounded to around 0.0125, then faded again on lower volume. Now it is hovering at 0.01172, and even after two bounces it still can’t get above 0.0125.
Reason: BTC is around 82741 and only down 0.4%, while ETH is actually up 1.1%, so this is not following the broader market — it’s being sold by its own holders. With a 40%+ swing and nearly 20 million U in volume, don’t treat this as a textbook oversold dip-buying setup; the ones catching knives in the middle are the real textbook example.
Conclusion: Bias is bearish. On rebounds to 0.0122–0.0125, take small short positions; stop loss at 0.0129. First target is 0.01105, and if that breaks, look for 0.0105. If it flushes straight through the day low, don’t chase — wait for a bounce and short again. If you want to try longs, at minimum wait for a high-volume reclaim above 0.0128; anyone buying here is basically being charitable.
Market action: from last night to early morning was the main selloff phase. Around 21:00, about 1.9 million U was dumped down to 0.0141; at 22:00, the day’s biggest single volume of about 2.1 million U continued to চাপ the price; at 23:00 it broke 0.0132; around 1:00 a.m. another roughly 1.87 million U pushed it down to 0.01156. During the day, at 14:00 it spiked to the day’s low of 0.01105; from 17:00 to 19:00 it rebounded to around 0.0125, then faded again on lower volume. Now it is hovering at 0.01172, and even after two bounces it still can’t get above 0.0125.
Reason: BTC is around 82741 and only down 0.4%, while ETH is actually up 1.1%, so this is not following the broader market — it’s being sold by its own holders. With a 40%+ swing and nearly 20 million U in volume, don’t treat this as a textbook oversold dip-buying setup; the ones catching knives in the middle are the real textbook example.
Conclusion: Bias is bearish. On rebounds to 0.0122–0.0125, take small short positions; stop loss at 0.0129. First target is 0.01105, and if that breaks, look for 0.0105. If it flushes straight through the day low, don’t chase — wait for a bounce and short again. If you want to try longs, at minimum wait for a high-volume reclaim above 0.0128; anyone buying here is basically being charitable.