ETH up +6.3% in a day, to 2,420.
Yesterday, it was still grinding around 2,240 in a converging triangle. Today, it broke decisively upward—clearing 2,306 and pushing above the cluster of the two long-term moving averages around 2,360–2,370 (the 25-day MA at 2,370 and the 99-day MA at 2,367, now just $3 apart, with a crossover imminent). This is the first time price has moved above that cluster since this downturn began.
The most notable thing is the funding rate: despite the sharp rally, it was negative at -0.0029%—shorts trying to call the top are paying to hold their positions against the trend, which is fuel for a short squeeze. Open interest rose in tandem to 5.7 billion, suggesting real money is entering, not just short covering.
But I’m not chasing 2,420: just above is the 2,450–2,600 supply zone from late October, where many are underwater. The price already ran into 2,450 once intraday today and pulled back. At a level like this, the right move is to wait for a pullback to 2,365–2,375 to hold before considering an entry—not to buy into someone else’s take-profit zone.
Conversely, if it closes back below 2,306, I’ll treat this move as a false breakout.
$ETH $BTC $SOL
(Personal review notes; not investment advice. DYOR)
Yesterday, it was still grinding around 2,240 in a converging triangle. Today, it broke decisively upward—clearing 2,306 and pushing above the cluster of the two long-term moving averages around 2,360–2,370 (the 25-day MA at 2,370 and the 99-day MA at 2,367, now just $3 apart, with a crossover imminent). This is the first time price has moved above that cluster since this downturn began.
The most notable thing is the funding rate: despite the sharp rally, it was negative at -0.0029%—shorts trying to call the top are paying to hold their positions against the trend, which is fuel for a short squeeze. Open interest rose in tandem to 5.7 billion, suggesting real money is entering, not just short covering.
But I’m not chasing 2,420: just above is the 2,450–2,600 supply zone from late October, where many are underwater. The price already ran into 2,450 once intraday today and pulled back. At a level like this, the right move is to wait for a pullback to 2,365–2,375 to hold before considering an entry—not to buy into someone else’s take-profit zone.
Conversely, if it closes back below 2,306, I’ll treat this move as a false breakout.
$ETH $BTC $SOL
(Personal review notes; not investment advice. DYOR)
