$ETH got hit down to $1,840, and the shorts cleaned house. But Shadow spotted a signal in the on-chain data—someone's catching the falling knife.
Shadow's take: ETH got crushed from above $2,000 all the way down to $1,848, and market sentiment is at an all-time low. However, OKX data tells me: in 5 minutes OI surged by 1.68%, while the price only increased by 0.27%—this indicates new longs are stepping in, not shorts covering. The fee is just 0.0064%, making the long entry cost super low. At this level, the shorts have already taken the meat, and new longs are quietly accumulating.
But the signal is only C-grade, and volume confirmation is lacking. Shadow's judgment is: ETH has a short-term rebound demand, but if the volume doesn't follow, those catching the falling knife might get chopped again. I’m leaning towards waiting for ETH to stabilize above $1,880 before considering.
💬 The data aligns with my assessment, but I still cut my position in half. Did you adjust your position today?
#ETH #ShadowShaman
Shadow's take: ETH got crushed from above $2,000 all the way down to $1,848, and market sentiment is at an all-time low. However, OKX data tells me: in 5 minutes OI surged by 1.68%, while the price only increased by 0.27%—this indicates new longs are stepping in, not shorts covering. The fee is just 0.0064%, making the long entry cost super low. At this level, the shorts have already taken the meat, and new longs are quietly accumulating.
But the signal is only C-grade, and volume confirmation is lacking. Shadow's judgment is: ETH has a short-term rebound demand, but if the volume doesn't follow, those catching the falling knife might get chopped again. I’m leaning towards waiting for ETH to stabilize above $1,880 before considering.
💬 The data aligns with my assessment, but I still cut my position in half. Did you adjust your position today?
#ETH #ShadowShaman