The price of Ethereum surged 11.7% between September 17 and September 19, reaching a three-week high of $2,572. This price movement coincided with a rise in the volume of unpositioned squaring contracts in Ethereum futures, which jumped to a 20-month high. As a result, traders began to worry that the increased leverage could amplify potential price volatility.
Lower interest rates are good for ETH's bullish momentum, but risks remain in the U.S. economy. The recent rise in ETH prices echoed an 8.3% rise in the cryptocurrency market as a whole, helped by U.S. interest rate cuts and strong labor market data. The momentum also pushed the Standard & Poor's 500 index to a record high on September 19. Lower interest rates have reduced the cost for companies to issue new debt, easing concerns about a possible correction in the stock market.
Ethereum futures unpositioned squaring contract volume hits 20-month high, but leverage demand remains balanced
2024-09-20 19:20:36
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