Last night, the highest point of the short position was liquidated... a wave of extreme short avoidance played out. There were large buy orders in both spot and futures, making it risky to short. Now, looking at the market, it has directly dropped below the 4730 level, which is quite uncomfortable.
You can clearly feel that the market has become difficult to operate in. The ETH daily support is at 4630. If it breaks below that, it will form a daily double top, pulling back to 4370. Well, here we are, four years later, and retail investors are once again stuck at 4900.
Even if it goes above 5000, it will need to dip down first to get there. The market is completely a futures meat grinder.
In the last hour, $ETH saw an inflow of 3.66 billion, while $BTC only had an inflow of 110 million. This is an exaggeration that words cannot express.
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