ETH surged to 2,317 yesterday, then gave it all back that same day.
The significance of that long upper wick is in the volume: 24-hour trading volume reached 7.4 billion USDT, more than double the day before. The price pushed above 2,306 on heavy volume, only to be knocked back down—showing that the surge wasn’t a buyer-led attack, but sellers using the opportunity to unload. Today was quieter, with a full-day range of just 0.46%, grinding between 2,248 and 2,259. Everyone who bought the breakout is now trapped up there.
The structure is back where it started: the 7-day moving average at 2,270 has turned into resistance overhead again, while the 99-day average at 2,356 and the 25-day average at 2,377 are even further away. The support line at 2,172, built by buyers on October 30 with 11.7 billion in volume, remains the bulls’ only real foothold.
My approach: I won’t trade around the middle at 2,257. Either I wait for a rebound above 2,290 to get rejected, then short with targets at 2,200 and 2,100; or I wait for a decisive close below 2,200 and follow the move down toward 2,000. On the other hand, if anyone can reclaim 2,317 on heavy volume, disregard what I said about this upper wick.
When price surges ahead of resistance, watch the volume, not the hype.
$ETH
(Personal trading review; not investment advice. DYOR)
The significance of that long upper wick is in the volume: 24-hour trading volume reached 7.4 billion USDT, more than double the day before. The price pushed above 2,306 on heavy volume, only to be knocked back down—showing that the surge wasn’t a buyer-led attack, but sellers using the opportunity to unload. Today was quieter, with a full-day range of just 0.46%, grinding between 2,248 and 2,259. Everyone who bought the breakout is now trapped up there.
The structure is back where it started: the 7-day moving average at 2,270 has turned into resistance overhead again, while the 99-day average at 2,356 and the 25-day average at 2,377 are even further away. The support line at 2,172, built by buyers on October 30 with 11.7 billion in volume, remains the bulls’ only real foothold.
My approach: I won’t trade around the middle at 2,257. Either I wait for a rebound above 2,290 to get rejected, then short with targets at 2,200 and 2,100; or I wait for a decisive close below 2,200 and follow the move down toward 2,000. On the other hand, if anyone can reclaim 2,317 on heavy volume, disregard what I said about this upper wick.
When price surges ahead of resistance, watch the volume, not the hype.
$ETH
(Personal trading review; not investment advice. DYOR)
