Golden Pig’s take: $ETH wicked down to 2,060 in an hour early this morning. I’m still bullish, but that wick flushed leveraged longs—it doesn’t mean anything is wrong with Ethereum itself.
From 5 to 6 a.m., Binance spot $ETH plunged from around 2,227 to 2,060—a drop of about 7.5% in one hour, and its lowest level since August 19.
In that same hour, open interest in Binance ETH futures fell from around 5.29 billion U to around 4.84 billion U, down about 8.7%. A huge amount of leverage was wiped out in one go. $BTC also wicked down to 73,510, its lowest level since late August.
My approach: I won’t try to catch a falling knife at the tip of the wick. I’ll wait for the price to reclaim around 2,140 (the high for the hour after the wick), then scale in with small positions. If it drops back below 2,060, I’ll exit. The market may look cleaner after the leverage flush, but I’ll wait for the price to reclaim that level before I take it as confirmation.
How are you planning to manage your $ETH position this morning after the leverage flush?
#ETH #以太坊 #Futures
Data sources: Binance spot candlesticks and Binance futures open interest data. DYOR; this is not investment advice.
From 5 to 6 a.m., Binance spot $ETH plunged from around 2,227 to 2,060—a drop of about 7.5% in one hour, and its lowest level since August 19.
In that same hour, open interest in Binance ETH futures fell from around 5.29 billion U to around 4.84 billion U, down about 8.7%. A huge amount of leverage was wiped out in one go. $BTC also wicked down to 73,510, its lowest level since late August.
My approach: I won’t try to catch a falling knife at the tip of the wick. I’ll wait for the price to reclaim around 2,140 (the high for the hour after the wick), then scale in with small positions. If it drops back below 2,060, I’ll exit. The market may look cleaner after the leverage flush, but I’ll wait for the price to reclaim that level before I take it as confirmation.
How are you planning to manage your $ETH position this morning after the leverage flush?
#ETH #以太坊 #Futures
Data sources: Binance spot candlesticks and Binance futures open interest data. DYOR; this is not investment advice.
