ETH is hanging by a thread at $2,060 right now. I've been staring at the charts all morning... and the vibes are just weird. We just saw ETH drop over 2% in the last 24 hours, nearly touching that $2,000 psychological floor. But here’s the thing that actually stopped me from closing my position: Bitmine just bought another $80 million worth of Ethereum at the $2,000 level.
Basically, while retail is panic-searching for the "exit" sign, the big fish are apparently "bottom-fishing." Tom Lee is even out here calling for a V-shaped recovery. Bold? Maybe. But I checked the funding rates on Binance and they’ve collapsed to -7%. That’s... aggressive. It means short sellers are paying a massive premium just to keep their bets open.
Usually, when everyone is this crowded on one side of a trade, a squeeze is lurking nearby. I noticed the 4-hour structure still looks bearish (it’s staying below the main channel), but the fact that $2,000 is being defended so fiercely by institutional buyers is a massive signal.
Honestly, I almost flipped short at $2,100, but seeing that $80M Bitmine buy made me pause. Could the market go lower? Sure, if $2,000 snaps, $1,860 is the next stop. But with $398M in liquidations over the last day, it feels like the "weak hands" are already getting flushed.
I’m personally holding steady for now, watching that $2,150 resistance level like a hawk. If we break that, the bears are going to have a very bad day.
What’s your take on the $2,000 floor—is it a trap or the bottom?
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