$ETH wicked to 2,281 last night on a ~$3.3B 4h candle and got bought straight back to ~2,338. Still down about 2.5% on the day, but that bounce was fast.
The part i don't love: Binance futures OI barely flushed (~2.33M down to ~2.30M ETH, ~$5.37B), and global accounts went even more long into the dump, now ~78% long (L/S 3.46). Top traders are calmer at ~62% long. Funding just tipped slightly negative (-0.003%).
On the NanoTrading Fire chart (4h) the heaviest bands sit right above us around 2,400-2,450, stacked on the POC at ~2,409. Below there's only a thin band near 2,300-2,320. So my read is $ETH either reclaims 2,370ish and gets pulled into 2,400+, or loses 2,300 and those crowded longs get squeezed back to the 2,281 low. Watching $BTC at 80k for the tell 👀
Is this bounce real or just longs refusing to let go?
NFA, just my read.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#ETH #Ethereum #NanoTrading
The part i don't love: Binance futures OI barely flushed (~2.33M down to ~2.30M ETH, ~$5.37B), and global accounts went even more long into the dump, now ~78% long (L/S 3.46). Top traders are calmer at ~62% long. Funding just tipped slightly negative (-0.003%).
On the NanoTrading Fire chart (4h) the heaviest bands sit right above us around 2,400-2,450, stacked on the POC at ~2,409. Below there's only a thin band near 2,300-2,320. So my read is $ETH either reclaims 2,370ish and gets pulled into 2,400+, or loses 2,300 and those crowded longs get squeezed back to the 2,281 low. Watching $BTC at 80k for the tell 👀
Is this bounce real or just longs refusing to let go?
NFA, just my read.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#ETH #Ethereum #NanoTrading