Ethereum Consolidates But Open Interest Points to Potential Breakout
Ethereum now shows a stable price growth. With the gathering of a broader cryptocurrency market, the past day has increased by 6 %. This upward motivation is to promote the positive market environment after the US administrative order to establish a national digital asset inventory.
In this background, encrypted analyst Shaananbtc provides fresh view About the current trajectory of Ethereum. Shayan emphasized the interesting differences between Ethereum futures and the price of the previous high.
Growing the futures market and cost difference
According to Shayan’s article on an article uploaded on an encrypted fast Take platform recently, Ethereum’s open interest (indicator of valid futures contracts) has been stimulated Maximum level In recent weeks, traders’ market participation and increasing interests have shown.
Analysts pointed out that the rise of ETH’s open interest and slow price response shows that there is a disconnection between market emotions and price performance. Although futures traders are optimistic, this optimism has not yet transformed into Ethereum Break the key resistance levelEssence Analysts wrote:
Interestingly, there are differences between Ethereum and futures market activities. Despite the significant increase in open interest, the price has not broken the previous high, showing the potential imbalance between market expectations and price actions.
Shayan also pointed out that the increase in opening up may lead to fluctuations. From a historical point of view, after the large -scale accumulation of open interest is Significant price fluctuation Due to the liquidation.
Although the next direction is still uncertain, the current activity and emotion tend to be a potential bullish breakthrough. Shayan suggested that if Ethereum can surpass key resistance, it may pave the way for longer assembly.
Market attention and loser indicators
In contrast, another encrypted analyst Darkfost proposed more cautious prospectEssence Darkfost pointed out a series of drop factors, including increasing the inflow and reserve of Ethereum.
According to data shared by Darkfost, since September 2024, the inflow of Ethereum has continued to flow out, resulting in an increase in exchange reserves. This trend reflects Sales pressureAs more Ethereum transfers to communication, it may indicate the intention of sale rather than holding.
In addition, Binance’s TAKER buying and selling ratio has remained incomparable for several months, indicating that the dominance of selling orders is consistent. Darkfost revealed that the transformation of these indicators shows that some investors may be locking in profits or regaining capital in other places, resulting in more Careful market emotionsEssence
Use the characteristic image created by Dall-E, the chart of TradingView
