Ethereum Market Update | We chillin or not?

Hello everyone, Ethereum got rejected from the Weekly supply zone (also from H4 zone but it is less relevant). If we can reclaim above H4 zone I'm bullish towards $3450. As long as we stay below it and lose weekend range then I think we should see price move down to the daily demand zone - $2770 or even to weekly nPOC - $2676.

Data Analysis

1. Funding Rates For Perpetual Swaps

All rates quoted are 8-hour rates. Positive funding rates suggests speculators are bullish and long traders pay funding to short traders. Negative funding rates suggests speculators are bearish and short traders pay funding to long traders. Funding rates (0.01%) is neutral. Funding rates(below 0.01%) are green colour,it's bullish .Funding rates (above 0.01%) are red color, it's bearish. The stronger the bearish or bullish sentiment, the darker the color.

2. Total Liquidations $ETH

3. Exchange $ETH Long/Short Ratio

4. Top Futures Traders Positions/Accounts

All percentages represent long percentages. U=USDT or USD Margined ,C=Token Margined,F=Futures.

Long Position % = Long positions of top traders / Total open positions of top traders
Short Position % = Short positions of top traders / Total open positions of top traders
Long/Short Ratio (Positions) = Long Position % / Short Position %

Long Account % = Accounts of top traders with net long positions / Total accounts of top traders with open positions
Short Account % = Accounts of top traders with net short positions / Total accounts of top traders with open positions
Long/Short Ratio (Accounts) = Long Account % / Short Account %

Disclaimer: Not financial advice. If you blindly follow people on the internet you deserve to lose money.

Hope you found today’s article helpful. If you want to learn more about trading and crypto in general follow me at @fizzonmyjayyce. And btw I trade on FTX (i will make money if you sign up and you will get 5% fee discount). Have a nice day :)

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