I've been staring at the chart $ETH for a while, and noticed something unusual. The 4H chart is showing a slight bullish signal, with the price above MA7 ($2,427.71) and MA25 ($2,414.54), and RSI at 54.7. The 1W chart is still in a correction within a long-term uptrend. The big news is that the 'Glamsterdam' testnet upgrade, coming on 26/10, promises to raise the gas limit and improve Ethereum's efficiency over the long term. Although ETH spot ETFs just saw $103.3 million in net outflows ($95.4 million from BlackRock alone) on 19/10, the price $ETH is still holding firm at $2,400. This clearly points to significant underlying buying pressure.
Derivatives data adds to the picture: 73.2% of accounts are Long, OI is up +1.6%, and the Funding rate is positive at +0.0036%/8h. I'm a little cautious, but I have a slight bias toward going Long in the $2,430–$2,440 range. The invalidation level, if I'm wrong, is $2,390. If I'm right, the targets are $2,500 and then $2,560.
The biggest risk: this scenario is WRONG if volume doesn't confirm the move upward. If volume doesn't come in, this trade is a bust. What range did you get in at? I'm genuinely curious! 🍻
$ETH #Write2Earn #MarketUpdate #BinanceSquare
(DYOR & NFA)
Derivatives data adds to the picture: 73.2% of accounts are Long, OI is up +1.6%, and the Funding rate is positive at +0.0036%/8h. I'm a little cautious, but I have a slight bias toward going Long in the $2,430–$2,440 range. The invalidation level, if I'm wrong, is $2,390. If I'm right, the targets are $2,500 and then $2,560.
The biggest risk: this scenario is WRONG if volume doesn't confirm the move upward. If volume doesn't come in, this trade is a bust. What range did you get in at? I'm genuinely curious! 🍻
$ETH #Write2Earn #MarketUpdate #BinanceSquare
(DYOR & NFA)