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♨️How does this shooting star and inverted hammer come about? #ETH#
The direct reason is that institutions/whales are building positions. On 1011, many funds' short positions were liquidated or forcefully closed, and the spot positions were reduced along with the hedging positions.
A week has passed since 1011. After the market stabilized, large funds will inevitably need to rebuild their hedging positions. This is also what we mentioned earlier about large funds being eager to act.
Although the billion-level 1-minute line cannot turn the situation around, it is gradually absorbing the short positions and raising the support level. The next step is to see if 3930 can hold.