ETH Price Traps Bulls at $2,436, Sets Stage for Correction
ETH's price action has created a textbook 'trap the bulls' pattern at $2,436, indicating a potential correction. Retail traders are heavily long, with 72% of positions in favor of buying, while open interest is climbing despite a falling price.
The momentum indicator MACD has gone completely dead, signaling a lack of upward thrust. This setup is particularly treacherous due to the derivatives picture, where new money is piling in but not pushing the market higher. The taker buy/sell ratio shows aggressive sellers dominating real-time flow, suggesting a bearish outcome.
The broader trend remains constructively bullish, with price sitting above key moving averages. However, this does not prevent short-term pain, and the path of least resistance for the next 24-48 hours is lower.