$ETH
ETH is hovering around 2,263 right now, still struggling below 2,300.
BTC climbed up to 78,000 overnight but slipped back down. It’s now around 77,758. Big bro hasn’t found his footing, so little bro isn’t likely to get much of a boost either.
Here’s an interesting data point from the futures open-interest report for November 1: the share of ETH long accounts in USDT-margined contracts fell by 4.19 percentage points to 70%, while the share of long positions also dropped to 60%.
But on the coin-margined side, the share of long positions actually edged up to 75%. In other words, leveraged traders are pulling back, while people holding coins in spot haven’t panicked yet.
My approach: keep watching, and don’t open any new positions.
Until ETH closes above 2,300, there’s no point chasing longs. Forcing a move is just handing your money over to volatility.
If it closes above 2,300, then we can talk about following the move. If it breaks below 2,200, I’ll reassess—at that point, it won’t be sideways churning; we’ll be looking for lower levels.
At this hour, are you still holding ETH and toughing it out, or did you get out early and sit back to watch?
Just my personal view, not investment advice.
#ETH2300lineintheSand
ETH is hovering around 2,263 right now, still struggling below 2,300.
BTC climbed up to 78,000 overnight but slipped back down. It’s now around 77,758. Big bro hasn’t found his footing, so little bro isn’t likely to get much of a boost either.
Here’s an interesting data point from the futures open-interest report for November 1: the share of ETH long accounts in USDT-margined contracts fell by 4.19 percentage points to 70%, while the share of long positions also dropped to 60%.
But on the coin-margined side, the share of long positions actually edged up to 75%. In other words, leveraged traders are pulling back, while people holding coins in spot haven’t panicked yet.
My approach: keep watching, and don’t open any new positions.
Until ETH closes above 2,300, there’s no point chasing longs. Forcing a move is just handing your money over to volatility.
If it closes above 2,300, then we can talk about following the move. If it breaks below 2,200, I’ll reassess—at that point, it won’t be sideways churning; we’ll be looking for lower levels.
At this hour, are you still holding ETH and toughing it out, or did you get out early and sit back to watch?
Just my personal view, not investment advice.
#ETH2300lineintheSand
