【$ETH Signal】Long - 1H level violent surge, main force short covering in progress

$ETH The 1H level just completed an epic volume breakout, a single huge bullish candle broke through all previous resistance, pushing the price to a recent high. The 4H level also confirms strength, with candlesticks already above all moving averages, shifting the trend from consolidation to a one-sided upward move. Current market depth shows that although there are sell orders of hundreds of lots at the first level, the buy-side depth around 2147 is unusually thick, indicating clear main force support. Open interest remains stable while the price surges and open interest does not decrease, which is typical of a short squeeze market, with bears being forced to cover.

🎯Direction: Long

⚡Entry/Orders: Buy in batches on pullback to 2115 - 2135 range

🛑Stop loss: 2088

🚀Target 1: 2195

🚀Target 2: 2250

🛡️Trade Management:

- Execution Strategy: Use partial take profits. After reaching Target 1, reduce position by 50%, and move the remaining stop loss up to the entry price. For the remaining position aiming at Target 2, if the price strongly breaks through 2195, move the stop loss up to 2150 to protect profits.

Depth Logic: This rally is accompanied by huge trading volume and stable open interest, definitely not retail behavior. The 1-hour RSI has entered overbought territory, but in a strong trend, RSI can stay overbought for extended periods. The key point is that the funding rate is only 0.0066%, far from dangerous levels, indicating ample short squeeze fuel. The 4-hour chart has formed a clear upward "N" pattern, and the imbalance in buy-side depth shows strong support below. The current price is far from the 1-hour EMA20, so chasing high directly carries great risk. Patience and waiting for a pullback to confirm support is a better strategy.

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