【$ETH Signal】All Currencies Hold Cash — Liquidity Test Under Deep Imbalance

$ETH After experiencing a volume-driven decline, the price consolidates weakly between 1900-1930, having broken below all key EMAs, showing a clear downtrend.

🎯 Direction: Hold Cash

Market Analysis: The 4H chart shows consecutive bearish candles, with the latest candle accompanied by extremely high volume (2.4 million ETH) and a very low buy/sell ratio (0.15), indicating the decline is driven by active selling. The price has broken below the previous low of 1937, turning it into resistance.

Logical Hardcore: Open interest (OI) remains stable, and the funding rate is slightly negative (-0.0123%), ruling out the possibility of a large-scale long liquidation (short squeeze). It is more likely that major funds are flowing out or there is spot selling pressure. Depth data shows severe imbalance (93.37%), with ask orders much thinner than bid orders, yet the price cannot rebound, indicating the buy orders below are “paper walls” lacking genuine buying intent and are easily broken through.

Technical Resonance: RSI (34.44) has not entered oversold territory and still has room to decline. ATR (56.47) remains high, indicating high volatility. The price is far from EMA20 (around 2013), and any rebound to that level will face strong resistance. Currently, there is no clear bottoming pattern (such as Pin Bar or demand zone absorption), so long logic is invalid.

Trading Plan: Wait for two signals. 1. A rebound near EMA20 (~2010) with signs of stalling (such as bearish divergence or decreasing OI), then consider shorting on the left side. 2. If the price drops below 1900 and shows a clear 4H bullish engulfing pattern or long lower shadow, accompanied by a rise in buy/sell ratio and OI increase, then consider going long on the right side. Currently, waiting is the only positive expectation choice.

Trade here 👇 $ETH

---

Follow me: Get more real-time analysis and insights on the crypto market!

‍#我在Gate广场过新年 #当前行情抄底还是观望？ $BTC $ETH $SOL