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Ethereum is approaching all-time high: derivatives markets still divided



Ethereum price is arguably on its way to a new all-time high, but data shows that retail and professional investors are still skeptical of the rally.


Today the Ether ( ETH ) price climbed briefly to as much as $ 4,760. Investors were particularly pleased because the altcoin is only 2.2 percent below its all-time high of $ 4,870, which it hit 20 days ago. The development of the spot price is therefore very positive. But let's also look at the derivatives markets for ether.


One could see a descending channel with support at $ 3,960. Today's increase of 5.4 percent shows that he was not impressed by the negative development of Bitcoin ( BTC ).


This morning, commodities and stocks fell somewhat after the US Federal Reserve admitted that inflation was more than a "passing" trend. Federal Reserve Chairman Jerome Powell also said the bank's loose monetary policy could end earlier than expected.


Retailers not very confident

Traders' confidence in the recovery of Ether can be analyzed by looking at the futures contracts on Ether. Retailers particularly like this instrument, as the price is usually based on the regular spot markets.



When trading futures contracts, long positions (buyers) and short positions (sellers) are consistently opposed to one another, but their leverage is different. As a result, the exchanges charge a funding rate for the side that has the greater leverage. This fee is paid to the other party.


In a neutral market, the financing rate is between 0 percent and 0.03 percent. That corresponds to 0.6 percent per week. That means shoppers are paying and the data shows that retailers have been largely neutral since Nov. 4th. The last move above 0.07 percent was on October 21.


Top traders reduce long positions

The exchange data shows the relationship between long and short positions. If you analyze the positions of each individual customer in spot, perpetual and futures contracts, you can see whether the professional traders are more bullish or bearish.



Occasionally there are discrepancies in the way data are collected between the various exchanges. Therefore one should look at the changes rather than the absolute numbers.


Although ether is up 17 percent in the past four days, top traders at Huobi and OKEx have reduced their long positions. This development was even more evident at OKEx, as there was a drastic jump from 120 percent in favor of the bulls to just 30 percent within three days.



Currently, the data suggests that whales and arbitrage desks have trimmed their long positions. Retail investors are still skeptical about the recent bull run.

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