Pro traders go short as overbought derivatives propel Ethereum’s new high
Pro traders opened large short positions and derivatives data are flashing red flags after Ethereum price soared to a new all-time high. Ether’s (ETH) performance over the past week has been nothing short of exceptional. The price rallied from a $905 low on Jan. 11 to a new all-time high at $1,440 on Jan. 19. According to Cointelegraph, the main reasons fueling this move are the growth of decentralized finance (DeFi) protocols as the total value locked reached $24 billion, Ethereum daily transactions surpassing 1.2 million and Bitcoin (BTC) price consolidating below $40,000.Nevertheless,....
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