Many bullish factors support long positions in Ethereum this week. As a result, traders have increased capital and leverage on long positions. However, ETH’s estimated leverage ratio has reached an all-time high. If ETH drops to the $2,800 zone this week, potential long liquidations could exceed $5.8 billion.
Veteran investor Peter Brandt recently mentioned Bitcoin Cash in his latest outlook. He suggested that BCH is approaching the key $650 resistance level. Derivatives traders appear to share this bullish view, allocating more leveraged capital to long positions than to shorts. BCH open interest has reached $980 million, the highest level on record.
Early January capital flows indicate a shift towards meme coins, reviving hopes for a meme coin season. PEPE’s liquidation map shows that long liquidations could exceed $15 million if the price drops to $0.00000613. Analysts have warned of a potential Elliott Wave correction, suggesting PEPE may have completed its third upward wave.
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