Main focus $ETH | Strategy short, two high points going down, just short it
$ETH short, catch the small rebound at $2,690-$2,710 to short, stop loss at $2,760, target first $2,626 then see $2,562, 10x leverage. From the 2806 top going down, two wave high points each lower than the last (2806 to 2787), OI has withdrawn for three consecutive days running 360 million, bulls are too lazy even to support the funding rate. "The whole family is a chaotic mess, smells good" is quite funny, but this porridge $ETH bulls can't drink. Risk-reward ratio 2.3:1, loss is just a bit over one point.
$ETH two high points drawing a descending channel
Seven daily candles laid out: 9/20 touched 2562 then pulled up, 9/21 a big bullish candle to 2807, 9/22 volume shrank closing at 2752, 9/23 pushed to 2787 but failed, 9/24 directly smashed to 2626, 9/25 small rebound to 2691. Two highs 2806 and 2787 connect a descending resistance line, slope not steep but direction very clear. Below 2626 is the 9/24 bottom, further down is 2562 the starting point of this rally. MA3 crossed below MA5, moving averages just started to diverge. $ETH funding rate slid from 0.0085% to 0.0033%, bulls pay shorts less every 8 hours, support strength is fading.
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