ETH Spot-Futures Premium Hits Highest Level Since March 1999

Will E repeat the big plunge from 4000 to 3100?

Although both are in a high premium zone, the difference is -

After the new high premium in March 24, it immediately turned into a negative premium, which means that when approaching 4000 USD, retail investors were uniformly bullish.

The current high premium is accompanied by a reduction in open contracts + a funding rate of 0.008, indicating that the long positions are not firm and the short selling pressure is strong.

Looking at the 15-minute chart, even a negative premium appeared at 4760. After this long position is taken out, it is highly probable that there will be a consolidation range. As both bulls and bears are focused on the interest rate cuts in September, coupled with the looming impact of the PPI announcement in July on the market, both sides have become exceptionally cautious, and the likelihood of a sharp downward move is not high.