Ethereum saw a sharp shakeout early today. According to Binance spot data, its price briefly plunged to a low of $1,711 before gradually recovering to above $1,820 in the evening.
Although it bounced back by more than $100 in the short term, spot buying volume was weak during the recovery, making it look more like a technical rebound after futures deleveraging.
In particular, the ETH/BTC exchange rate is still hovering below 0.028. Moves without support from the exchange rate often face a second test when the market opens on Monday.
What do you think—did that $1,711 wick this morning flush out all the weak hands?
This is purely my personal analysis. Please do your own research before investing (DYOR).
$ETH
Although it bounced back by more than $100 in the short term, spot buying volume was weak during the recovery, making it look more like a technical rebound after futures deleveraging.
In particular, the ETH/BTC exchange rate is still hovering below 0.028. Moves without support from the exchange rate often face a second test when the market opens on Monday.
What do you think—did that $1,711 wick this morning flush out all the weak hands?
This is purely my personal analysis. Please do your own research before investing (DYOR).
$ETH