Traders watch for a trend reversal after Ethereum price drops to $4,100

Traders watch for a trend reversal after Ethereum price drops to $4,100

ETH’s 13% drop to $4,100 led to $200 million in futures liquidations, but pro traders still have reason to stay long and strong.

Ether (

As depicted above, Ether’s surge past $4,000 on Oct. 21 caused the basis rate to touch the 20% level, which marks some excessive leverage from buyers. After three weeks ranging between 14% and 20%, the indicator dropped to the current 12%.

Although the basis rate remains neutral-to-bullish, it signals that some buyers’ excess heat was terminated, which is essentially a healthy cleansing. Considering the drastic image portrayed by the ascending channel break, Ether traders should consider derivatives’ data as a brief cool off period.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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