Those liquidations may translate to a large amount of sell pressure within the next few days. Such an outcome might trigger a deeper bearish move below $1,500.
ETH bears have so far pushed the price down by roughly 12% from its February highs to its $1,527 press time price. However, the Voyager liquidations are not the onlyBullish expectations dimmed for the last few weeks courtesy of anticipated rate hike increases. Federal Reserve chairman Jerome Powell recently reignited those bearish expectations during a recent Senate hearing. He revealed that the FED might have to increase rates to have a better chance at combatting inflation.
With the aforementioned problems taking center stage, shorts traders will be looking to take advantage. That is likely the case according to multiple metrics including the futures estimated leverage ratio. The latter has improved over the last two weeks as prices dropped.The surge in the futures estimated leverage ratio is particularly evident in the last two days confirming healthy demand for leverage.
The price has been bearish during the same time. Also, ETH’s open interest metric is on the rise this week and especially in the last two days. A potential sign that there is demand for shorts.Another noteworthy observation regarding the state of derivatives is that investors have shifted from long positions likely in favor of shorts.Read the best crypto stories of the day in less than 5 minutes
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