ETH is bleeding quietly while BTC gets the headlines 🩸
Be honest, $ETH traders: did you buy the hack headline dip and get shaken out an hour later?
You’re in good company. More than $1.5B in leveraged positions got flushed this week after the biggest exchange hack on record, and ETH longs took a beating. It dropped over 4% on the news and sits near $2,240.
Here’s what bugs me, though. The headline isn’t the whole story. ETH is down more than 17% over 30 days, while BTC is down about 7.5%. Spot ETH ETFs saw roughly $105M in outflows on Thursday. BTC funds? A small inflow.
So here is how I read it: ETH was already the weaker chart, and the shock just made it obvious.
My scenario map. If ETH reclaims the $2,300 area and holds it, the bounce has a base to build on. If it can’t hold $2,200, the $2,000 round number starts acting like a magnet.
The rule I’m sticking to: after a liquidation flush, I wait for the first retest before sizing up. That first candle is usually emotion, not information.
Are you buying ETH on weakness here, or waiting to see $2,000 first?
Disclaimer
Personal view, not financial advice. Crypto is volatile, do your own research.
