Ethereum is negotiated at $ 3,667 at the time of the press, increasing 4% in the last 24 hours and indicating a renewal of interest after a sharp drop earlier in the week.
Summary
- The open interest of Ethereum on Binance reached a record of $ 8.7 billion, almost 3.5 times high in the upper market of 2021.
- Despite neutral financing rates, the increase in volume and the lever effect indicate a potential for bullish continuation.
- ETH Price holds above the support, and a break greater than $ 3,875 COUELF extends the gains, while a drop below $ 3,380 can triggr.
Ethereum (ETH) is still up 46% compared to the past, the price has oscillated between $ 3,380 and $ 3,874 during last week, suggesting recent hot consolidation gains.
Eth Banke Open Interest reaches record levels
According to an analysis of August 4 by the cryptocurrency contributor Borisage, the open interest of Ethereum on Binance Haas reaches a summit of $ 8.7 billion, more than three times the peak seen during the upper bull market of 2021. At the time, the ETH exchanged at a similar price, but an open interest exceeded around 2.5 billion dollars.
Level of level and speculative positioning have increased considerably in current overvoltage. The financing rates, Howver, are always neutral, which indicates that the market is not yet too optimistic or lower. This lifespan of the place for the installation of groo with the triggering of the unpredictable corners.
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This silent accumulation is also supported by volume. The volume of eTH tradings increased by almost 45% to reach more than $ 28 billion on the last day. In accordance with Coninglass data, total open interests between exchanges increased to $ 48.26 billion, as well as the activity of regulation derivatives. These are metrics indicating an increasing commitment, not driven by panic or the beaten media, but by the calculated positioning.
Ethereum technical analysis
On the technical side, Ethereum seems to be in a strong upward trend, the action of prices remaining above key mobile averages such as the estimated medium of moving of 10, 20, 50 days. Sink the relative force index is near the territory of Newral, there is still room for a large push before the market becomes too much.
Ethereum Daily Chart. Credit: Crypto.News
How, indicators in short country like Momntum and MacD show signs of light Beenic, indicating a potential drop in the pressure of purchase of the cut shroud. If the request resumes, the value of Eth Coold increases more, as shown by the groups of Bollinger which are not yet overwhelmed.
In a bullish scenario, ETH remains above $ 3,600 and exceeds $ 3,875, positively targeting $ 4,000 as Leverge increases with excessive risk taking. A. A lowering movement that pushes ETH to $ 3,100 to $ 3,200 could occur if Momntum WNE and the price drop $ 3,380. For the moment, the trend remains constructive with intact support.
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