Ethereum is trading at 1884, down 2.3% in the past 24 hours, as a fresh exploit on Arbitrum weighs on sentiment. AFX Trade, a perpetual DEX on Arbitrum, was drained of 4.15 million via its native USDC bridge, with the attacker swapping the stolen funds for 12,468 $ETH . This marks the second major perp DEX exploit on Arbitrum in a week, adding to bearish pressure on the ecosystem.
Meanwhile, on-chain data shows a whale bought $52 million worth of ETH today, and the Binance funding rate SMA hit a 6-month high, indicating growing bullish conviction among derivatives traders. However, a known whale (Machi) was liquidated again, selling a Bored Ape at a steep loss to fund his long position.
The chart: The 1-hour timeframe shows a bearish structure after a downside break of structure (CHoCH) through 1909.32. Price swept buy-side liquidity at 1958.75, distributed, then displaced lower. The current bounce is mitigating supply below the EMAs, targeting the sell-side liquidity pool at 1858.0. The order block zone between 1892.22 and 1898.08 is likely to reject price, with a continuation toward 1858.0. A break below that opens the path to 1793.34. Invalidation of the bearish view is a reclaim of 1909.32.
What to watch: 1) Rejection or breakdown from the 1892, 1898 supply zone. 2) Whether the 1858 liquidity pool is swept and how price reacts. 3) Follow-through on the whale buying and funding rate signals.
Can ETH hold above 1858, or is a deeper retrace to 1793 on the cards?
This is one of several charts the group gets each day - check my bio for more.
Meanwhile, on-chain data shows a whale bought $52 million worth of ETH today, and the Binance funding rate SMA hit a 6-month high, indicating growing bullish conviction among derivatives traders. However, a known whale (Machi) was liquidated again, selling a Bored Ape at a steep loss to fund his long position.
The chart: The 1-hour timeframe shows a bearish structure after a downside break of structure (CHoCH) through 1909.32. Price swept buy-side liquidity at 1958.75, distributed, then displaced lower. The current bounce is mitigating supply below the EMAs, targeting the sell-side liquidity pool at 1858.0. The order block zone between 1892.22 and 1898.08 is likely to reject price, with a continuation toward 1858.0. A break below that opens the path to 1793.34. Invalidation of the bearish view is a reclaim of 1909.32.
What to watch: 1) Rejection or breakdown from the 1892, 1898 supply zone. 2) Whether the 1858 liquidity pool is swept and how price reacts. 3) Follow-through on the whale buying and funding rate signals.
Can ETH hold above 1858, or is a deeper retrace to 1793 on the cards?
This is one of several charts the group gets each day - check my bio for more.