$4.197 billion in 24 hours.

$ETH yielded a range of just 3.25%, or $68.30.

Every $1 move was backed by $61.4 million in trading volume.
The first time I calculated this, I thought I’d misplaced the decimal point.

The 7 o’clock candle had 18.35 million contracts, twice the average volume, and a low of 2034.59.
It closed at 2055.21, with a $20.60 lower wick; the next seven candles never retested that low.
But the highs kept stepping down: 2065.45, 2064.56, 2059.15.
Then lower still: 2056.0, 2049.38, down $16 over six hours.

The top is 2065.45, the bottom is 2034.59, with $30.86 in between.
The chart shows 2046.71, the current price is 2050.12, slightly below the midpoint, and the funding rate is 0.0088%.

A contraction is just a contraction; don’t guess which way it will break.
I’ll consider longs above the top, shorts below the bottom, and do nothing in between.
(Not investment advice; trade at your own risk)