Ethereum ($ETH ) fell below $2,300, and the topic surged to 73,000 views overnight: is this level really the bottom, or just a stopover?
The bulls still have plenty of cards in hand:
- The 2,290 area has been repeatedly bought back: in the topic thread, multiple dips to 2,291 rebounded to 2,310-2,338. The 2,280-2,282 zone also printed a double wick, there were plenty of buy-the-dip orders around 2,310, and a stack of short liquidation levels still sits above 2,370.
- Some posts point out that this round of decline did not come with a spike in volume; it is leverage being flushed out, not spot selling. The thin part is the futures side.
The bears have stronger cards:
- On the capital side: on October 26, U.S. Ethereum spot ETFs saw a net outflow of $88.57 million, with BlackRock alone seeing an outflow of $105 million. Cumulative outflows in October exceeded $1.18 billion, the largest monthly outflow since last November.
- On leverage: topic data says Ethereum liquidations reached $44 million in the past 24 hours, 74% of which were longs; Binance’s largest single liquidation was a $6.97 million long wiped out directly. Machi Big Brother’s 25x long liquidation level was also around 2,290.41.
- On the technical side: after repeatedly dipping to 2,291 on the 15-minute chart, price was suppressed by 2,330, oscillating in the 2,310-2,330 range, with resistance at 2,335/2,365 and support at 2,295/2,275; the next support is seen at 2,220.
My view: bears have the short-term advantage, but 2,300 is not a collapse line; it is a line of repeated contention. Don’t place bets in the middle of the range: only if price reclaims 2,335 on volume and holds above 2,365 can we talk about a bottom forming; if it breaks below 2,275, then look toward 2,220. Chasing rallies or panic-selling in the middle of the range is the easiest way to get hit from both sides.
Conditions that would invalidate this view: if the 4-hour chart reclaims and holds above 2,365 on volume, the bearish call is invalid.
Do you think 2,300 can hold, or is it just a stopover on the way to 2,220?
The bulls still have plenty of cards in hand:
- The 2,290 area has been repeatedly bought back: in the topic thread, multiple dips to 2,291 rebounded to 2,310-2,338. The 2,280-2,282 zone also printed a double wick, there were plenty of buy-the-dip orders around 2,310, and a stack of short liquidation levels still sits above 2,370.
- Some posts point out that this round of decline did not come with a spike in volume; it is leverage being flushed out, not spot selling. The thin part is the futures side.
The bears have stronger cards:
- On the capital side: on October 26, U.S. Ethereum spot ETFs saw a net outflow of $88.57 million, with BlackRock alone seeing an outflow of $105 million. Cumulative outflows in October exceeded $1.18 billion, the largest monthly outflow since last November.
- On leverage: topic data says Ethereum liquidations reached $44 million in the past 24 hours, 74% of which were longs; Binance’s largest single liquidation was a $6.97 million long wiped out directly. Machi Big Brother’s 25x long liquidation level was also around 2,290.41.
- On the technical side: after repeatedly dipping to 2,291 on the 15-minute chart, price was suppressed by 2,330, oscillating in the 2,310-2,330 range, with resistance at 2,335/2,365 and support at 2,295/2,275; the next support is seen at 2,220.
My view: bears have the short-term advantage, but 2,300 is not a collapse line; it is a line of repeated contention. Don’t place bets in the middle of the range: only if price reclaims 2,335 on volume and holds above 2,365 can we talk about a bottom forming; if it breaks below 2,275, then look toward 2,220. Chasing rallies or panic-selling in the middle of the range is the easiest way to get hit from both sides.
Conditions that would invalidate this view: if the 4-hour chart reclaims and holds above 2,365 on volume, the bearish call is invalid.
Do you think 2,300 can hold, or is it just a stopover on the way to 2,220?