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Oh where, oh where have Ethereum bulls gone? Sub-$4K ETH fails to entice traders

Published 05/13/2021, 07:00 PM
Updated 05/13/2021, 08:40 PM
Oh where, oh where have Ethereum bulls gone? Sub-$4K ETH fails to entice traders

Cryptocurrency price corrected sharply today, including Ether (ETH), but this is a short-term move which is not reflective of the more macro-level events which still paint a bullish picture for assets like Ether and Bitcoin.

In the last 30 days, Ether price gained 96%, moving from $2,138 to $4,200 on May 11. Normally the assumption would be that every trader is consumed with euphoria and this would be seen in the funding rate reaching record highs on Ether futures contracts but at the moment this is not the case.

Ether token-margined perpetual futures 8-hour funding rate. Source: Bybt
Exchange’s top traders ETH long-to-short ratio. Source: Bybt

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