$ETH is chopping around 2,338 after a slow bleed from 2,370, down about 1.4% on the day, and the 2,281 wick from yesterday is still the low everyone remembers.
On the NanoTrading Fire chart (4h) the volume POC sits around 2,408, so price is trading below value right now. The liquidation map shows the heavy short side stacked above, two short clusters of roughly $3.4B each around 2,420-2,440, while the biggest long cluster is about $1.26B near 2,300. Thick ask bands show up near 2,500 and 2,550, and the strongest bid band is down near 2,255.
Binance futures data is what caught my eye. About 75% of accounts are long (L/S around 3.07), but top traders are only about 63% long and that ratio is slowly dropping. Funding ticked up to ~0.0078%, and OI is flat around $5.37B after flushing from $5.5B. Retail leaning hard long while price sits under POC is not a great combo.
My read: as long as $ETH stays under 2,408 I expect a sweep of that 2,300 long pocket first, maybe a wick toward 2,255. A 4h close back above 2,408 flips it and puts those 2,420-2,440 shorts in danger fast 👀
Are you buying the 2,300 dip or waiting for a reclaim of the POC?
NFA, just how I'm reading it.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#ETH #Ethereum #NanoTrading
On the NanoTrading Fire chart (4h) the volume POC sits around 2,408, so price is trading below value right now. The liquidation map shows the heavy short side stacked above, two short clusters of roughly $3.4B each around 2,420-2,440, while the biggest long cluster is about $1.26B near 2,300. Thick ask bands show up near 2,500 and 2,550, and the strongest bid band is down near 2,255.
Binance futures data is what caught my eye. About 75% of accounts are long (L/S around 3.07), but top traders are only about 63% long and that ratio is slowly dropping. Funding ticked up to ~0.0078%, and OI is flat around $5.37B after flushing from $5.5B. Retail leaning hard long while price sits under POC is not a great combo.
My read: as long as $ETH stays under 2,408 I expect a sweep of that 2,300 long pocket first, maybe a wick toward 2,255. A 4h close back above 2,408 flips it and puts those 2,420-2,440 shorts in danger fast 👀
Are you buying the 2,300 dip or waiting for a reclaim of the POC?
NFA, just how I'm reading it.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#ETH #Ethereum #NanoTrading