$ETH longs are crowded and the bid behind them is shrinking. USDT supply just fell $199.66M in 24h and $2.76B over 7 days. USDC supply is down $345.49M in 24h. Cash is leaving the system, so the bid under every dip gets thinner.
ETH is -7.63% at 2241.7, flushed to 2205.11 in the last 24h. Account long/short sits at 3.93, so the longs never washed out. Funding is only +0.006% per 8h, so this is not a squeeze setup yet.
I want 2100 before the bid comes back. A 4h close back above 2290 and I'm wrong.
Which comes first, 2100 or 2290?
ETH is -7.63% at 2241.7, flushed to 2205.11 in the last 24h. Account long/short sits at 3.93, so the longs never washed out. Funding is only +0.006% per 8h, so this is not a squeeze setup yet.
I want 2100 before the bid comes back. A 4h close back above 2290 and I'm wrong.
Which comes first, 2100 or 2290?
