Ethereum at $2,000: Is it the floor or the entrance to the basement?
Today, $ETH briefly plunged to 1,996 during the day, falling below 2,000 for the first time in three months. $BTC slid to 72,507, with an intraday low of 72,234. More than 220 million in positions were liquidated across the market in one hour.
But at the same time, someone was buying on-chain: 7 Siblings scooped up 10,700 ETH in one go, worth $22 million. ETH ETFs saw $550 million in outflows in November, and institutions have been exiting for 23 days.
Even more concerning is the options market: below 2,000 lies a negative gamma pocket at 1,980. The further prices fall, the more market makers have to sell. The max pain for the November 16 expiry is only 1,800.
A: 2,000 is the bottom. Even the whales are buying—I'd buy at 2,040 with my eyes closed.
B: If it breaks below 2,000, it's headed for 1,880. Get out first.
$ETH $BTC
#以太坊 #Liquidations
Today, $ETH briefly plunged to 1,996 during the day, falling below 2,000 for the first time in three months. $BTC slid to 72,507, with an intraday low of 72,234. More than 220 million in positions were liquidated across the market in one hour.
But at the same time, someone was buying on-chain: 7 Siblings scooped up 10,700 ETH in one go, worth $22 million. ETH ETFs saw $550 million in outflows in November, and institutions have been exiting for 23 days.
Even more concerning is the options market: below 2,000 lies a negative gamma pocket at 1,980. The further prices fall, the more market makers have to sell. The max pain for the November 16 expiry is only 1,800.
A: 2,000 is the bottom. Even the whales are buying—I'd buy at 2,040 with my eyes closed.
B: If it breaks below 2,000, it's headed for 1,880. Get out first.
$ETH $BTC
#以太坊 #Liquidations