Explaining why Ethereum’s ATH is now a matter of ‘when,’ not ‘if’
Main Idea
Ethereum's recent price surge and market dynamics suggest a potential breakout, with significant short positions and institutional inflows indicating a bullish outlook despite some red flags.
Key Points
1. Ethereum surged by 21.45% between August 4th and 10th, with realized profits clearing $1 billion as ETH reached $4.2K.
2. A 60%+ short skew in the derivatives market contrasts with bullish institutional inflows, including $1.08 billion into Ethereum spot ETFs led by BlackRock.
3. On-chain data shows a decline in staked ETH (60,000 ETH unstaked in five sessions) and a 170K ETH drop in exchange reserves, signaling tightening liquidity.
4. Key resistance levels are noted at $4,344 and $4,700, with $1.32 billion in ETH shorts at risk if the price breaks higher.
5. The RSI momentum divergence suggests Ethereum may avoid a typical pullback, supporting a sustained upward trend.
Description
Are Ethereum shorts positioned for a fade, or gearing up for a short squeeze?
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