$ETH IS TESTING THE SUPPORT THAT COULD MAKE OR BREAK THE NEXT MOVE 🧐
Over $274 million in Longs were wiped out in the last 24 hours — the biggest flush since March.
$ETH is now sitting on the 1,550 support, a level that's held since early May. The on-chain picture is mixed: exchange netflows just turned positive after three weeks of withdrawals, meaning more supply is hitting the order books. Meanwhile, new wallet creation has dropped below the yearly average for weeks — adoption is cooling.
The only bullish signal? Taker buy-sell ratio has stayed positive since June 10, suggesting futures buyers are still stepping in. But with the macro structure bearish and Bitcoin below 60K, chasing a long here feels like catching a falling knife.
Are you waiting for a confirmed reversal or trying to front-run the next squeeze at 1,550?
Not financial advice. Always manage your risk.
#ETH #Ethereum #Liquidation #SupportTest #Crypto 🎯