$ETH has spent the whole week boxed in. Daily range since last Friday is roughly 2,327 to 2,527, and it's sitting at ~2,407 right now, basically on top of the volume POC at 2,414. Classic chop, nobody in control.
Pulled up the 4h liquidation heatmap on the NanoTrading Fire chart and the bands are pretty lopsided. There's a bright cluster hugging price right underneath at ~2,380-2,400, then more at 2,330-2,360 and 2,300-2,320. Above, the heavy liq bands don't really start until ~2,480-2,550, with a fatter stack up at 2,600-2,700 left over from the early October dump.
Positioning is what makes me lean cautious. Binance futures account long/short is ~3.2, so roughly 3 of every 4 accounts are long, top traders are ~62% long by position, and OI has been flat around 2.33M ETH (~$5.6B) for two days while price went nowhere. Funding is only ~0.008%, so it's not frothy, just crowded. The scanner shows a big $52M bid wall all the way down at 2,199.88.
My read: lose the 2,372 value area low on a 4h close and those near-price liq bands get swept fast, 2,330 then 2,300 are the magnets. Reclaim and hold 2,500 and the squeeze into 2,550+ gets interesting. Inside the box I'm just watching 👀
NFA, just how I read the map.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
$ETH #Ethereum #NanoTrading
Pulled up the 4h liquidation heatmap on the NanoTrading Fire chart and the bands are pretty lopsided. There's a bright cluster hugging price right underneath at ~2,380-2,400, then more at 2,330-2,360 and 2,300-2,320. Above, the heavy liq bands don't really start until ~2,480-2,550, with a fatter stack up at 2,600-2,700 left over from the early October dump.
Positioning is what makes me lean cautious. Binance futures account long/short is ~3.2, so roughly 3 of every 4 accounts are long, top traders are ~62% long by position, and OI has been flat around 2.33M ETH (~$5.6B) for two days while price went nowhere. Funding is only ~0.008%, so it's not frothy, just crowded. The scanner shows a big $52M bid wall all the way down at 2,199.88.
My read: lose the 2,372 value area low on a 4h close and those near-price liq bands get swept fast, 2,330 then 2,300 are the magnets. Reclaim and hold 2,500 and the squeeze into 2,550+ gets interesting. Inside the box I'm just watching 👀
NFA, just how I read the map.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
$ETH #Ethereum #NanoTrading