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Pro traders go short as overbought derivatives propel Ethereum’s new high

Published 01/19/2021, 01:26 PM
Updated 01/19/2021, 03:00 PM
Pro traders go short as overbought derivatives propel Ethereum’s new high
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ETH/USD
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ETH/USD
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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.

ETH/USD 4-hour chart. Source: TradingView
ETH held in exchanges' wallets. Source: Cryptoquant.com
March 2021 ETH futures premium. Source: NYDIG Digital Assets Data
ETH aggregate spot exchanges volumes. Source: Coinalyze.net
Exchanges top traders ETH long-to-short ratio. Source: Bybt.com

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