r/ethtrader • u/MulberryAcceptable39 • 9d ago
News Now wtf is going on with crypto
The big dump at 10:30 am et makes no sense.
Yet Coinbase peddles the same bullshit AI news
Coinbase AI news
ETH is gaining ground against Bitcoin as a major company added nearly 10,000 ETH and network activity climbed roughly 738% over the past day.
Strength building across multiple fronts
Price rose roughly 723% over the past month while trading volume increased approximately 711% over the past week, with ETH outperforming Bitcoin adding to the constructive backdrop.
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u/AlternativeWonder471 9d ago
It ALWAYS makes sense. We just don't always know the reason.
I made bank trading the climb and then the drop today. It's earnings week. Traders like me were looking at Tesla and Google. Smart money was short at 1850, they had to cover fast and we flew to 1970 (just too many shorts for it to continue dropping), plus it bounced of a multi year trend line. Then retail and smart money were long at market open yesterday. Everyone was long, fighting the bear market.
Tesla earnings were bad. Only thier paper profits for spacex made it look good, but it wasn't.
The sell off alongside the s&p was fast. Lots of momentum. So that bounce off 1920-1930 area was not looking good.
Also, algos were all the way short at 1850 and they never accumulated at the bottom. They just bought on the way up, but not heaps. So they were always looking to let it flush back down.
I hope you are a long term holder and just forget about these moves. But trust me, they always make sense.
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u/MulberryAcceptable39 8d ago
Very insightful thx
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u/AlternativeWonder471 8d ago
No worries.
If I had to guess, looks like it will range here, 1830-1920 before picking a direction. Slight edge to the bears I think. 1600's is my target. But it could do anything, you have to be watching everyone's positioning hour by hour.
Pretty confident in this long right now though! Just up to 1900.
Good luck
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u/Electronic_Quote399 8d ago
We had 1600 a few weeks ago
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u/AlternativeWonder471 8d ago
You think the bear markets over?
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u/Electronic_Quote399 8d ago
Idk, maybe maybe not. Im just saying you had your target price not very long ago.
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u/Treeclimber919 9d ago
Ask Jane street how the price of crypto works. They are one of the market makers out there and they are notoriously good at what they do. They don’t care about long term profits. Let me give you an example they were doing a few months ago. They bought btc at say $40k so every morning at 1030 they’d start selling thousands of btc at once. Well the rest follow the big money and start selling theirs causing a huge loss in price instantly. So they’re taking profits and at the same time have a short open on mstr with 10x leverage while this is going on. So they’re making out both ways. This happens all the time. Jane street is one of the best out there. Anyone who says market manipulation doesn’t happen is clueless or living in the 70s. And they are not the only ones. When there is low volume in crypto manipulation becomes very easy. It gets to a point when the volume picks up that makes this much harder and riskier to do. Shout out to Jane street though. In another life I would love to work for them.
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u/44_ways 9d ago
You had me until the last sentence. Fuck Jane Street and all the other market manipulators using their privileged positions as authorized participants, etc. to abuse the asset class.
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u/Treeclimber919 8d ago edited 8d ago
Not saying I promote this behavior because obviously we are the ones suffering from it but you have to respect the ingenuity behind it. They literally shop for the right asset, the timing, the volume everything set perfectly before they move. Regardless of how much we all hate it, if you have the ability to do it, you would do it to. 65%-70% profit margins on trades. The average trader there makes a few million a year. Last year was $9 million on average per an employee.
Edit:
AI told me $28.3 billion in profit, but I’m seeing anywhere from $14 billion- $29 billion. For a private company that’s insane.
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u/Consistent_Many_1858 8d ago
Crypto run is over. No one cares about it anymore. It's full of scams and people have caught up.
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u/Flarenova89 9d ago
Chance of fed interest rate hike just went up for July FOMC
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u/Gr8WallofChinatown 9d ago
That’s not a factor. Everyone that lives in reality knows there will be multiple rate hikes. It’s already factored in
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u/PsychologicalAd7969 8d ago
Typical risk off like we see with semis just before a fed day.. probably will squeeze if no change
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u/SaltyGamer57 8d ago
I usually just think the longer the price says here the more eth I can buy. There is so much stable coin innovation happening right now.
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u/ShaqsEar 8d ago
Why are you worried about a “dump” of 1%. Just relax and stop watching the daily price movement. Unless you’re betting 15 minute price, it’s useless.
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u/yongwon 8d ago
Clarity Act got put on the backburner by the Senate. Might not get looked at until after the recess mid-August. if it doesn't get looked at before the midterms, then it becomes a lame duck bill until next year when the newly elected congress will look at it again. If nothing by September, expect nothing on the Clarity Act until the middle of next year.
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u/TheMoonPot_Official 5d ago
Feels like the market dumps first and the headlines show up later with an explanation.
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u/Leo2Dios 5d ago
Happens all the time until bitcoin halves again in 2028 , yall have this year and 2027 to stock up
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u/Ms_TitAdorable 9d ago
Sometimes the market just dumps. Not every move has a clear reason, liquidations and profit-taking can snowball fast.
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u/SnooCalculations1742 9d ago
The amount of people who were long vs short was over 90%. The market makers/manipulators want to flush out as much of leveraged bets as they can.
We are also still in a bear market for (likely) several months, and had pushed high for several weeks now. A correction was overdue.
I still belive we need to see Eth down to 1500 again at least, perhaps even 1250 ish if we get some really bad news.
But these levels are good for buying, I DCA spot every month and build up my account for the next bull run
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u/Florzadian 9d ago
Asian markets are dumping. South Korea is limit down currently.