The script has no issues at all
$ETH found support at 2480, and there are too many short sellers. Large short positions are being cleared.
I've told you there are too many short sellers. It's not something that can be done overnight. After a violent liquidation, it will be a bit safer to short again.
$ETH's rise last night was entirely to consume the liquidity of short positions above. The large short position at 2620 was liquidated, with the highest price reaching 2649, clearing the liquidity above as well.
The price started to retrace to around 2480 in the middle of the night, which basically aligns with what I said about the fluctuation range between 2620-2480. The position at 2480 has received strong support several times. Liquidity is scarce on weekends, and if this position is breached, it may trigger large-scale selling.
On the $ETH liquidation chart, short users added back all their short positions in the middle of the night, and the liquidation funds were more than twice those of long positions. The current market is watching the support at 2480. If it breaks, the support below at 2423 will be tested, and if that breaks, it will go to the position at 2180.
There is a lot of room for shorting, but the problem is that there are too many people shorting, so the decline won't be smooth. It is estimated that it will rise for a while to clear out some short users before falling.
17
88.23K
The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.