$ETH This one really hurts: down 5.8% in 24 hours, and it had the most liquidations across the entire market.
Yesterday, September CPI came in at 3.7% year over year, above the 3.6% expected (previous: 3.4%; month over month: +0.6%; core CPI: 2.6% year over year). Bets on rate hikes surged. ETH slid from 2,530 to 2,363, with a 24-hour low of 2,318. CoinGlass data shows about $940 million in liquidations across the market over the past 24 hours. More than 90% were long positions, and ETH alone accounted for about $283 million—high-leverage longs getting wiped out.
Price levels: Resistance at 2,500 (the level lost before CPI) → 2,530; first support at 2,318 (today’s low), then the round-number level at 2,300.
Scenario A: 2,318 holds, and tonight’s 20:30 PPI and retail sales data don’t spring any more nasty surprises; an oversold bounce could first target 2,500.
Scenario B: PPI stays hot and 2,300 breaks too; bears could drive it straight toward the 2,200 area.
I’m leaning bearish: after CPI, the odds of a rate hike in October jumped from 16% to nearly 40%. There’s no reason for the market to try to catch a falling knife right now. What would prove me wrong: ETH reclaiming and holding above 2,530. If that happens, this post is wrong.
⚠️Just my personal rambling—not investment advice.
#ETH #CPI
Yesterday, September CPI came in at 3.7% year over year, above the 3.6% expected (previous: 3.4%; month over month: +0.6%; core CPI: 2.6% year over year). Bets on rate hikes surged. ETH slid from 2,530 to 2,363, with a 24-hour low of 2,318. CoinGlass data shows about $940 million in liquidations across the market over the past 24 hours. More than 90% were long positions, and ETH alone accounted for about $283 million—high-leverage longs getting wiped out.
Price levels: Resistance at 2,500 (the level lost before CPI) → 2,530; first support at 2,318 (today’s low), then the round-number level at 2,300.
Scenario A: 2,318 holds, and tonight’s 20:30 PPI and retail sales data don’t spring any more nasty surprises; an oversold bounce could first target 2,500.
Scenario B: PPI stays hot and 2,300 breaks too; bears could drive it straight toward the 2,200 area.
I’m leaning bearish: after CPI, the odds of a rate hike in October jumped from 16% to nearly 40%. There’s no reason for the market to try to catch a falling knife right now. What would prove me wrong: ETH reclaiming and holding above 2,530. If that happens, this post is wrong.
⚠️Just my personal rambling—not investment advice.
#ETH #CPI