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Ethereum Stagnant at $2.5k as Abraxas Capital Hedges Short Position

Guavy AI Editorial Team
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ETH
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Ethereum has been stuck in a trading range between $2.4k and $2.5k, with $2.5k serving as a significant resistance level.

Abraxas Capital has aggressively shorted $353 million worth of ETH but is hedging its position by buying $32.39 million in spot ETH to manage liquidation risks.

The Exchange Supply Ratio is declining, indicating that supply is tightening, which could lead to a price breakout above $2.5k, potentially reaching $2.8k if spot buying continues.

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