Crypto Express

06/13 12:14

Eyes on the dip: Will smart money anchor the floor

Typically, when the market panics after a leverage unwind, whales start buying the dip. It’s the classic “buy the fear” setup. And that’s exactly what appears to be happening now.

According to Lookonchain, while retail dumps ETH in fear, one whale is doubling down aggressively. The address has scooped up 48,825 ETH, worth $127 million, at an average price of $2,605.

Yet the pressure hasn’t let up. With ETH dropping 4.77% intraday, price not only lost the $2.6k support, it wicked as low as $2,440, highlighting just how aggressively liquidity is being drained from the derivatives market.

Consequently, the next 48 hours could be decisive for Ethereum.

Given the ongoing unwind, retail traders are either sidelined or adding to sell-side liquidity. That leaves the $2,400 support hanging by a thread.

If it cracks without defense, the next leg down won’t be driven by fear. Instead, it’ll be fueled by forced exits.

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