Just looking on the daily, even weekly ETH chart gets me worried. Why? For two reasons.
Firstly, this is actually the first ETH bear market. It has never been in bear market before, keep that in mind.
The second reason is the chart above. As I mentioned before, this is common now in other cryptocurrencies as well. Now I don't know what's the deal with ETH and I don't know all the fundamentals. But this long interest is quite fascinating (even considering that ETH is far cheaper, thus more affordable).
What is even more fascinating, is ETH short interest:
The gap between longs and shorts is just... big.
I really don't know what is going on, but it is certain that hope hasn't left this market yet. I just can't imagine ETH to pump more from this point, it would be really weird and something else behind it.
And if another wave of selling come, I can imagine ETH to test $80, and on top of that, even $50 (in case of some panic selling).
Firstly, this is actually the first ETH bear market. It has never been in bear market before, keep that in mind.
The second reason is the chart above. As I mentioned before, this is common now in other cryptocurrencies as well. Now I don't know what's the deal with ETH and I don't know all the fundamentals. But this long interest is quite fascinating (even considering that ETH is far cheaper, thus more affordable).
What is even more fascinating, is ETH short interest:
I really don't know what is going on, but it is certain that hope hasn't left this market yet. I just can't imagine ETH to pump more from this point, it would be really weird and something else behind it.
And if another wave of selling come, I can imagine ETH to test $80, and on top of that, even $50 (in case of some panic selling).
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Please share your opinion in the comments, if I am missing something out :)
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So after all, the pump has come, even for ETH. It was inevitable, because of massive BTC pump (not expected, but not that surprising either). What is interesting is that from the beginning, it was very slow and rather weak pump, compared to some other alts, like LTC, ADA, XLM etc. There was plenty of time to close shorts, if SL wasn't set. So there was definitely something holding ETH back.
But it doesn't matter now of course. It just follows the market move no matter what. ETH shorts just crashed to all time low, but longs are slowly covering too. The gap didn't changed much though. When a correction come, I expect it to be a strong one for ETH.
But it doesn't matter now of course. It just follows the market move no matter what. ETH shorts just crashed to all time low, but longs are slowly covering too. The gap didn't changed much though. When a correction come, I expect it to be a strong one for ETH.
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This is getting really interesting :)