$M is getting attention, but the real question isn't whether it pumped today.
The real question is whether the momentum is supported by real demand.
Here's what I'm checking:
Trading volume – Participation is heavily elevated, with a 24h volume of 253.16M $M (~$199.60M USDT) following a massive volatility spike.
Liquidity & Price Action – The market suffered a severe drop from a high of 3.0125 down to a floor of 0.4057. It has since bounced over +84% from recent lows to trade around 0.8610, indicating strong reactive liquidity at lower bands.
Momentum Indicators – The 1-hour RSI(6) sits at 38.07, suggesting that while the immediate panic selling has cooled off, the asset is still fighting to establish stable ground below key moving averages (MA(7) at 0.9254).
Market Structure – The chart shows signs of aggressive distribution followed by a volatile stabilization attempt. Risk management is highly critical here as the market decides if this is a dead-cat bounce or a structural accumulation phase.
A bullish chart alone is never enough. If the data confirms the move, the trend has a stronger foundation.
If the data weakens, risk management becomes more important than chasing profits.
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$ETH is trading around $1,690, and this is exactly why I kept warning people not to get carried away by every green candle.
A lot of people are asking the same thing right now: is this just a healthy pullback, or are we looking at the beginning of something bigger?
Personally, I still don’t see the strength that would make me turn bullish. Momentum remains weak, buyers are struggling to take control, and the chart hasn’t shown anything convincing yet.
That’s why I’m still holding my short on $ETH .
🎯 TP1: $1,620 🎯 TP2: $1,560
Could Ethereum prove everyone wrong? Absolutely. But based on what I’m seeing today, I think the odds favor a deeper move first. I wouldn’t be surprised to see the $1,200–$1,400 range before we get a real, sustainable pump.
Crypto is still tiny compared to the wealth stored elsewhere. We're not even close to saturation.
That’s why I believe the biggest moves are still ahead. In the next few years, a $500k Bitcoin doesn’t feel like a question of if — it feels like a question of when.
The opportunity is still much bigger than most people think.