Guys, with $ETH , the longs are getting absolutely wrecked!
Take a look at the chart: the long/short ratio is only 21%! 1,681 shorts are hammering 858 longs. The average long entry is 2,792, and they’re stubbornly holding on at the top, down 92 million U. The bears are definitely making a killing right now.
But look closely at the 4-hour chart: price just broke below the previous low of 2,172, and the RSI has plunged to 28—severely oversold! Plus, the current price is 2,223, just below the shorts’ average entry of 2,238. The bears are so crowded that the market makers could trigger a rebound at any moment and shake them out!
My strategy: absolutely no chasing shorts—wait for a rebound, then get in!
The broader trend is definitely bearish, but the risk/reward for shorting now is terrible.
Wait for a rebound to 2,280–2,320 (the moving-average resistance zone), then scale into shorts. Set the stop at 2,350 and target a retest of 2,170! $ETH
Take a look at the chart: the long/short ratio is only 21%! 1,681 shorts are hammering 858 longs. The average long entry is 2,792, and they’re stubbornly holding on at the top, down 92 million U. The bears are definitely making a killing right now.
But look closely at the 4-hour chart: price just broke below the previous low of 2,172, and the RSI has plunged to 28—severely oversold! Plus, the current price is 2,223, just below the shorts’ average entry of 2,238. The bears are so crowded that the market makers could trigger a rebound at any moment and shake them out!
My strategy: absolutely no chasing shorts—wait for a rebound, then get in!
The broader trend is definitely bearish, but the risk/reward for shorting now is terrible.
Wait for a rebound to 2,280–2,320 (the moving-average resistance zone), then scale into shorts. Set the stop at 2,350 and target a retest of 2,170! $ETH
