Nov 13 $ETH Market Update
The 1,900 level has been breached. What’s next?
Looking at the current market, the price bottomed just above 1,890, down more than 7% in 24 hours.
At the same time, $BTC also fell below 68,000, hitting its lowest level since Aug 20. The entire market plunged.
Since prices started falling, every rebound has been brief. There are few buyers and more sellers, so bears are still in control in the short term.
ETH liquidations totaled $104 million over 24 hours, with longs accounting for 89%. Most of the leveraged positions opened by dip buyers have been wiped out. But open interest actually rose 0.77%, suggesting that some traders opened new short positions at these levels. For now, there’s no sign that the decline is over.
Institutions are also pulling out. On Nov 11, U.S. time, U.S. spot ETH ETFs saw net outflows of $144.8 million. BlackRock’s ETHA saw outflows of $129.8 million, marking five consecutive trading days of outflows, with cumulative outflows reaching $523.9 million.
At current levels, a rebound is possible. After such a prolonged decline, chasing the market lower is not recommended.
Without signs of a bottom, further downside cannot be ruled out. Support lies at 1,850; if that breaks, be prepared for a deeper correction.
The 1,900 level has been breached. What’s next?
Looking at the current market, the price bottomed just above 1,890, down more than 7% in 24 hours.
At the same time, $BTC also fell below 68,000, hitting its lowest level since Aug 20. The entire market plunged.
Since prices started falling, every rebound has been brief. There are few buyers and more sellers, so bears are still in control in the short term.
ETH liquidations totaled $104 million over 24 hours, with longs accounting for 89%. Most of the leveraged positions opened by dip buyers have been wiped out. But open interest actually rose 0.77%, suggesting that some traders opened new short positions at these levels. For now, there’s no sign that the decline is over.
Institutions are also pulling out. On Nov 11, U.S. time, U.S. spot ETH ETFs saw net outflows of $144.8 million. BlackRock’s ETHA saw outflows of $129.8 million, marking five consecutive trading days of outflows, with cumulative outflows reaching $523.9 million.
At current levels, a rebound is possible. After such a prolonged decline, chasing the market lower is not recommended.
Without signs of a bottom, further downside cannot be ruled out. Support lies at 1,850; if that breaks, be prepared for a deeper correction.
