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$ETH has broken out of a descending wedge pattern, but technical and derivative data suggest a healthy correction to $2,750 is needed to confirm the structure before a sustainable recovery.
๐น Funding yield fell sharply by 64.66% and Open Interest decreased by 4.46%, signaling a major reset of speculative long position. The market is now cleaner and more reliant on spot demand rather than vulnerable leverage.
๐ธ Exchange reserves decreased by 6.03% ($47.78 billion), indicating that immediate selling pressure eased as investors moved cryptocurrencies to cold storage.
๐น The fund market premium has turned positive. While cautious, this suggests institution are accepting higher cost to hold risk rather than divesting.
With leverage wiped out and supply tightening, will a retest of the $2,750 level be the last buy on dips opportunity for large investor?
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