2238. $ETH 's daily candles have closed around this level for almost the past two days.
On Wednesday, a huge bullish candle surged from 2275 to 2425. On Thursday, the entire move was erased, with the price closing at 2238. On Friday, it closed at 2238.7—as if nothing had happened. Meanwhile, $HYPE has steadily fallen from 97.2 last Thursday to around 79, a drop of about 18%.
▪️ $ETH 2248, about 79% of accounts in the perpetual futures market are long
▪️ $HYPE 79.4, about 65% of accounts are long
My personal take: long positions in ETH look even more crowded than in HYPE, yet the price isn't budging. This kind of standoff usually can't last much longer.
Which side do you think breaks first? A: climbs back above 2300 B: falls below this week's low of 2206
#ETH #HYPE #Ethereum
On Wednesday, a huge bullish candle surged from 2275 to 2425. On Thursday, the entire move was erased, with the price closing at 2238. On Friday, it closed at 2238.7—as if nothing had happened. Meanwhile, $HYPE has steadily fallen from 97.2 last Thursday to around 79, a drop of about 18%.
▪️ $ETH 2248, about 79% of accounts in the perpetual futures market are long
▪️ $HYPE 79.4, about 65% of accounts are long
My personal take: long positions in ETH look even more crowded than in HYPE, yet the price isn't budging. This kind of standoff usually can't last much longer.
Which side do you think breaks first? A: climbs back above 2300 B: falls below this week's low of 2206
#ETH #HYPE #Ethereum