Now, Ethereum is sitting at $190.08 with a total market cap of roughly $19.3 billion, bringing it within $9 billion of the third largest cryptocurrency, XRP.
Despite being down nearly 90% from January highs, the short interest on ETH is continuing to hit new all-time highs. Over the past 24 hours, short interest increased nearly 15%, adding more than $5.8 million in total ETH sold short.
The daily spikes in short interest indicate that traders expect more losses to come. Without any major bullish macro event, this sell-off could accelerate and take Ethereum to fresh 15-month lows.
Making matters worse, the larger crypto market has reached a pivotal support line that, if broken, could mean significant losses ahead. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently at 70.54, near the support line that held for more than 2 days back in August before the market rose for several weeks.
Moving forward, investors should closely watch to see if the ALT100 holds the 70 level, as this will likely act as a leading indicator for both bitcoin and the major altcoins for the upcoming week.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.