The bears used a nuclear-level dump to shred the bulls! ETH plummeted from a high of 2665 straight down to 2644, liquidating 150 million USD in one hour, with the exchange premium rate crashing to -0.8%, this wave of harvesting leaves not even a bone fragment!
Key data correction
The MA7 moving average is actually 2675.88, MA30 is 2670.13, the price has continuously broken through two lines of defense. The real trading volume MA5 reached 28,300 BTC, 3.2 times the average of last week, this is not institutional accumulation? It's clearly the bears dumping crazily!
Latest market dynamics
CME's latest data shows ETH futures open interest surpassing 520,000 contracts, with an extreme long-short ratio of 1:4.5! A giant whale on Coinbase at 0x8a8 indeed bought 2,170 ETH near 2644, but the address history shows it dumped three times in 72 hours, is this a trap for longs or a real setup?
Technical analysis breakdown
Death triangle formed: Bollinger Bands opened up to 3.5%, EMA fast line crossed below the slow line forming a death cross, a textbook-style bearish continuation!
Divergence Warning: New price low but RSI not following down, MACD green bars shrink to 12.3, this wave might be a "trap for shorts"!
Key defense line in crisis: 150,000 trapped positions at the 2636 support level, breaking below will plunge directly to the psychological level of 2600! However, there is a bottom divergence at the hourly level, beware of a spike rebound!
Long-short life-and-death game
Current battlefield is littered with corpses:
Bullish graveyard: 140,000 ETH trapped between 2680-2660, daily interest consuming 0.35% of the position
Bear fortress: 380 million USD of leveraged funds locked in the 2644-2636 range, ready to trigger a domino effect
Whale's dark battle: The purchase of 2,170 ETH may be a dealer's wash trade, 2644 is likely a bait, preparing to harvest bottom-fishing orders!
Operational strategy
Short positions warrior: Hold but must set a -3.5% stop loss, evacuate immediately if it breaks below 2644!
Bullish cannon fodder: Bottom-fishing at 2636 must endure a 25% fluctuation, suggested to wait for stabilization above EMA10 before entering!
Stuck holders: Cut losses below 2600 and save bullets for the next bull market!
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