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CF Benchmarks said "Bears raised the Ethereum price" and explained what is needed for the rally to continue!
The largest altcoin Ethereum (ETH) has been drawing attention with its tremendous rise in recent days, while there are various opinions regarding the reasons behind this rally.
Some analysts noted that the price of ETH has risen due to increased institutional demand, while CF Benchmarks argued that the increase in ETH is not from new institutional demand, but from the closing of short positions.
According to Sui Chung, CEO of the UK-based crypto index provider CF Benchmarks, the recent price rally of Ethereum is driven by the closing of short positions rather than new bullish bets or new long positions.
The CEO of CFBenchmarks stated that the sharp upward movement in the price of Ethereum began after a wave of selling at the beginning of April, with data showing limited inflows into spot Ethereum ETFs and a low CME futures premium.
According to Chung, these data that remain low alongside the rise indicate that the rise is not supported by new demand and new long positions.
Chung stated that Ethereum's gains could decline unless new bull and long positions enter the market. He argued that although the closure of short positions had pushed the ETH price above $2,600, ETF inflows or an increase in long trades were necessary to maintain these levels.