#ETH seems to be responding nicely at the moment. In fact, the underlying data feels more like a "short squeeze". The futures CVD had initially dropped to -12K, but has now recovered to around -4K. This means that the short positions opened below have been closed, pushing the price up.

The spot side is solid, with a CVD of around +110K. It is clear that real buyers are active, which is a positive aspect.

Funding is positive but not excessive, longs are dominant but not yet overly crowded. OI has flattened after the decline, and no new positions have been opened. So, this movement is still "ownerless".

Lastly, the order book is seller-biased (-11K delta), which could put pressure on the price above.

In short: There are spot buyers, but the futures market remains cautious. New long entries are essential for the continuation of the movement.

$eth #Ethereum

Disclaimer

This content is not investment advice and only represents personal analysis and opinion. Crypto assets carry high risk; there is no guarantee of specific returns or profits. Please do your own research.