Join SoMon for Open Social #airdrop https://landing.social.monster/invite?handle=keeha&inviteCode=RMH49K
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As expected, a liquidity-grabbing move to the upside occurred, securing short positions. Currently, the price is facing strong resistance around the daily order block near 57.7K. There hasn't been significant short position liquidation, and funding rates remain heavily negative, indicating shorts are still dominant. However, there is a shift happening as futures CVD (Cumulative Volume Delta) is increasing, and volume delta shows that long positions are gaining momentum. The likely scenario is a rise toward the 58.7K level, followed by a pullback to the 4-hour FVG (Fair Value Gap) area. At the 58.7K level, a large number of short liquidations are stacked, potentially acting as a bait for retail traders to open short positions, likely driven by fake orders. Meanwhile, medium-sized whale buying activity has been steadily increasing since yesterday morning. On the spot market, a significant sell wall is forming between 59.5K and 60.5K, which could act as a barrier to further upside movement.
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The Declining Trend of Active ETH Addresses: A Reversal is Needed The value of Ethereum ($ETH) is fundamentally tied to its decentralized network and the active participation of its users. One of the key metrics to measure this engagement is the number of unique active addresses on the network, which can be a valuable indicator of overall market demand and the health of Ethereum's ecosystem. The chart shows the 14-day moving average of Ethereum's active addresses, which includes both senders and receivers of transactions. Since the end of March 2024, this metric has shown a sharp decline, reflecting a decrease in user activity and transaction volume. This downward trend signals a weakening demand and declining investor participation, contributing to the current bearish sentiment in the market.
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