1. Market context & Price Action

  • The current price ~ 2,673 USDT is fluctuating sideways between the 2,580–2,740 USDT range, with the previous peak around 2,738 USDT.

    Previously, ETH had a pull-back close to 2,520 USDT then bounced back, indicating that bulls still control when testing deep support.

2. Sentiment – Fear & Greed (74)

  • Index74 (Very high greed) reflects that most traders are optimistic, expecting a breakout to a new peak.

    However, extreme greed often precedes a sideways move or short-term pull-back to offload some positions.

3. Taker Buy/Sell & Active Buy/Sell Volume


IndicatorBuySellDeltaNotesTaker Buy/Sell Value1.04 B1.11 B– 72.6 MTaker net selling, short-term selling pressure remains strongActive Buy/Sell Volume389.9 K417.3 K– 27.4 KTaker volume (short-term) leans towards sells

  • Negative delta in both value and volume indicates active selling pressure, caution is needed when bottom-fishing too early.

4. Orderbook Liquidity & Delta


IndicatorBuy DepthSell DepthRatioNotesOrderbook Liquidity25.98 K27.13 K–0.02The sell-side orderbook is slightly higherOrderbook Liquidity Delta–1.14 KLiquidity on the buy-side continues to decline

  • Buy-side liquidity weakens, support around 2,650–2,660 USDT is thinning, likely to see a gap if strong selling occurs.

5. Whale Index 4 (226.88)

  • The index 226.9 stands at a high level, indicating that whales (large orders) continuously close/fill around the 2,600–2,740 USDT range.

    The dense red and green circles on the footprint chart remind that whales are still active, both accumulating and offloading.

6. Open Interest & Funding Rate


IndicatorValueRecent trendOpen Interest~ 1.54 Mslightly increased from 1.53 M, adding positionsFunding Rate+0.0068%Positive but still low, longs pay shorts fees

  • OI increases in agreement with bulls adding margin, but positive funding if exceeding 0.01% will create short-term downward pressure.

7. Summary of scenarios

  1. Bullish Continuation

    ETH holds the range of 2,650–2,660 USDT (where there is still moderate buy liquidity) and the selling delta has stagnated, may retest 2,740 and extend to 2,800.


    High Whale Index along with increasing OI supports the ongoing trend.

    Deeper Pull-back

    If buy-side liquidity continues to dwindle and appearsspike aggregated liquidations (coin-margined) (like the large red circle), the price could easily break through 2,650 and return to the range2,580–2,600 USDT.

    Positive funding will push some longs to be liquidated.

8. Trading recommendations

  • Buy cautiously around 2,650 USDT, maintain a risk/reward ratio of 1:2 (stop loss below 2,620; take profit 2,740–2,800).


    Avoid placing large orders when the buy-side orderbook is thin, should use OCO orders to automatically take profit/stop loss.


    Closely monitor Aggregated Liquidations & Funding Rate: spikes in these two indicators often signal a short-term climax.

Conclusion: ETH is in an accumulation phase with very high greed but short-term selling pressure still exists. Prioritize buying at key support areas, manage risk tightly, and wait for confirmation if looking to allocate more.


Best wishes to you EM

Effective trading!