ETH Spot-Futures Premium Hits New High Since March 1999 🚩🚩

Will E repeat the plummet from 4000 to 3100?

Although it is 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 unanimously bullish.

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

Looking at the 15-minute chart, even 4760 showed a negative premium. Once this long position is liquidated, it is highly likely to enter a consolidation range. As both bulls and bears focus 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 low.