Bears overwhelmed markets after the September FOMC Minutes on 11 October. Increased bearish bets saw ETH retest the August low of $1550.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Long positions suffered >$5 million in liquidations 24 hours before press time.But ETH bulls attempted to defend the August low at press time. However, liquidation data at hand suggested the bullish defence of $1550 could be weakened.The extended drop on 9 October left a price imbalance and liquidity on the daily chart at $1595 – $1616 .
But overall, ETH’s price action formed a descending wedge pattern, a typical bullish formation. Unfortunately, the overhead hurdles must be cleared for ETH to reclaim $1700. A crack below August lows could shift focus to trendline support near $1516 or the daily bullish OB at $1400 formed on 10 March 2023.
The CMF was negative despite the attempted reversal, and other key price chart indicators, RSI and OBV, were negative. It meant capital inflows weakened, alongside a decline in buying pressure and Spot market demand for ETH.Liquidation data from Coinglass indicated over $5 million ETH long positions were forcibly closed across major exchanges within 24 hours before press time. Over the same period, only $2.5 million were rekt, reinforcing a Futures market bearish sentiment.
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