$ETH is trading at 2502.1, and the 2500 line has been crossed in both directions all night rather than broken. The last twelve hourly closes read 2497.9, 2507.9, 2506.5, 2514.6, 2513.6, 2515.0, 2503.7, 2505.1, 2511.6, 2506.1, 2497.0, 2497.6. An 18 dollar band for twelve hours.
That stillness has a reason on the calendar. September CPI prints today at 8:30 New York time. The last reading, for August, came in at plus 0.4 percent month over month and 3.4 percent year over year, with core at plus 0.3 percent monthly and 2.4 percent annual. Those are the numbers the market is comparing against in about two hours.
What the positioning looks like going in:
Spot volume over 24 hours is 408.6 million against a 727.3 million average over the last 30 days. That is 0.56x normal activity, in a session that ends with a macro print.
Open interest fell 1.3 percent over the same 24 hours, to 2.28 million contracts, while the long to short account ratio went the other way: 2.61, 2.58, 2.58, 2.66, 2.72, 2.78. More accounts are leaning long while total leverage comes down, which means the average position is getting smaller.
Funding is marginally negative at minus 0.0013 percent.
The options market is less relaxed than the tape. The 30 day implied volatility index for this asset sits at 51.9, up from 49.4 on 12 October. That prices a daily move of roughly 2.7 percent, while realised range over the last twelve hours has been 0.7 percent.
Price is 10.9 percent below its 30 day high of 2807.3 and 6.1 percent above the 30 day low of 2358.9.
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