Ethereum traders have witnessed a volatile market with many holding long positions. A significant trader reported a 236× return in four months by investing in ETH. Despite this success, the overall crypto market is under risk-off sentiment, impacting ETH’s future.
ETH’s recent peak hit 4,793 USD, accompanied by an increase in open interest to 65.78 billion USD. This suggests the presence of high leverage within the market. However, it raises questions about whether the current enthusiasm reflects genuine belief or speculative greed among traders.
The fear of a potential long squeeze could impede Ethereum’s progress toward new all-time highs. If traders continue to chase momentum without solid backing, the volatility may result in further downturns. The market awaits clear signals from trader activities to gauge ETH’s trajectory.
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