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Friday, May 14, 2021

Ethereum Price Shows Pro-Traders Chasing New Highs

The futures data of Ethereum indicates that the pro traders are considering $3,500 as the forthcoming all-time high mark for this leading altcoin. Ethereum had successfully managed to reach the record high of a value worth $2,800 on 29th April.

In addition, the open interest of futures also touched a new high of $8.5 billion. This indicates a monthly increase of almost 52% and represents a vigorous trading activity motivating this meteoric rise in ETH price.

Robust Upward Journey Of Ethereum

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Few of the analysts have dismissed the Ethereum derivatives. This is mainly owing to the reason the futures CME has almost $355 million of open interest. On the other hand, Bitcoin‘s open interest has $2.4 billion.

Nonetheless, ETH contracts had been launched just a few months back. Both Deribit and FTX need 100% complete KYC for the clients. Additionally, the markets possess a combined ETH open interest of $2 billion.

According to this perspective, the silver futures on open interest presently holds $22.6 billion. Moreover, the valuable metal has decades of great trading history along with a market capitalization of $1.4 trillion. Although the easy analysis of the outstanding contracts numbers is not very helpful since they are utilized for hedging.

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In order to evaluate the bullish pattern of the market, a couple of the derivatives metrics can be reviewed. The futures of the last 3 months must usually trade between 10% and 20% with an annualized premium that must be understood as a lending rate.

The funding rate of 8 hours recently surged to 0.18% on 14th April, suggesting a 3.8% increase each week. ETH bullish trend shows 25% on a 3-month basis every year. This rate certainly is much higher than other stable coins.

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