Bitcoin and Ethereum’s price action over the past couple of days hasn’t looked good, to be honest.
People are asking whether a whale selling BTC to buy ETH means Ethereum is about to take off. Look at the 4-hour chart: it plunged from 2769 to 2406, then rebounded to 2580 and couldn’t go any higher. Each volume bar is smaller than the last, and there’s overhead supply all the way up.
Selling 410 BTC for 14,341 ETH looks like portfolio rebalancing on the surface. In reality, it’s switching from an asset that’s falling slowly to one that’s falling faster—and staying exposed. Large investors pulling out of Bitcoin doesn’t necessarily mean they’re bullish on Ethereum; they may just be looking for an exit.
More importantly, 88% of retail traders are short. That’s an extremely crowded trade, yet the price is still falling—which suggests the selling pressure isn’t coming from short sellers, but from spot holders dumping their assets for real.
Some say 2458 is the bottom. If the price can’t even get back above 2600, let’s not talk about a bottom yet.
#BTC #ETH #MarketAnalysis
$BTC $ETH
People are asking whether a whale selling BTC to buy ETH means Ethereum is about to take off. Look at the 4-hour chart: it plunged from 2769 to 2406, then rebounded to 2580 and couldn’t go any higher. Each volume bar is smaller than the last, and there’s overhead supply all the way up.
Selling 410 BTC for 14,341 ETH looks like portfolio rebalancing on the surface. In reality, it’s switching from an asset that’s falling slowly to one that’s falling faster—and staying exposed. Large investors pulling out of Bitcoin doesn’t necessarily mean they’re bullish on Ethereum; they may just be looking for an exit.
More importantly, 88% of retail traders are short. That’s an extremely crowded trade, yet the price is still falling—which suggests the selling pressure isn’t coming from short sellers, but from spot holders dumping their assets for real.
Some say 2458 is the bottom. If the price can’t even get back above 2600, let’s not talk about a bottom yet.
#BTC #ETH #MarketAnalysis
$BTC $ETH