Binance Futures Trend: Ethereum May Soon Pop Higher After 30% Drop


Ethereum may be poised to move higher after dropping 30% from last month’s highs. Futures data shows that investors are currently bearish on the cryptocurrency, which should lend to a potential short squeeze. Ethereum Could Soon Surge to the Upside: Futures Trend Crucial futures data suggests that Ethereum may soon revert to the upside, not move lower. One crypto-asset analyst recently shared the data below, which shows the positioning of ETH futures traders on Binance. The data is from HyBlock Capital, a crypto-asset derivatives data firm. The data shows that the aggregate Ethereum trader on Binance’s futures trading platform is currently positioned extremely bearish. For instance, the funding rate of Binance’s ETH market is currently negative, which only takes place 3-5% of the time. The rarity of the current market conditions, the trader who shared this data explains, suggests that the cryptocurrency will soon break higher. Countintuiviely, low funding rates…

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