- While Open Interest increased, Funding Rate stalled.
- The price of the altcoin might keep swinging between $3,400 and $3,600 in the short term.
One day after Ethereum’s [ETH] Open Interest dropped to $13.14 billion, it added another billion to its value. At press time, the Open Interest (OI) was $14.10 billion, according to data from Glassnode.
OI is the value of outstanding futures contracts in the market. Whenever it decreases, it means that traders are closing positions related to the cryptocurrency. However, an increase suggests otherwise.
Speculation is a ticket to a new high
Thus, the rise in Ethereum contracts indicates increased speculative activity regarding the altcoin. In many instances, an increase in OI offers strength to the price direction.
For ETH, it might not be different. As of this writing, ETH changed hands at $3,563, representing a slight 1.10% increase within the last hour.
By the look of things, this could be the start of a significant uptrend for the cryptocurrency.
Source: Glassnode
However, the trading volume had decreased by 35.36% in the last 24 hours. The decline in trading volume is a sign that activity involving ETH was lower in the spot market.
If spot market activity continues to drop while trading in the derivatives market increases, ETH’s price might stall around the $3,500 to $3,600 region.
But if buying pressure in the spot market increases, the altcoin might jump in the $3,800 direction.
Skepticism lingers
Despite the outlook, Ethereum’s Funding Rate has remained stagnant since the 8th of June. Funding Rate is the cost of holding an open position in the derivatives market.
If funding is positive, it means the contract price is trading at a premium to the spot price. In a situation like this, longs pay short to keep their positions open.
On the other hand, a negative funding implies that shorts are paying longs. Also, the contract value of the cryptocurrency is at a discount.
For ETH, the low Funding Rate and high price means that spot volume might soon begin to pick up.
If this is the case, the reasonable inference could be a bullish move for Ethereum. Nonetheless, the price of the cryptocurrency might fail to hit $4,000 in the coming week.
Source: Santiment
In addition, AMBCrypto looked at the Taker Sell Ratio. To get this ratio, we need to divide the sell volume by the total perpetual swaps.
When the ratio is lower than 0.5, it means that selling pressure has decreased. However, a value higher than 0.5 indicate the selling is dominant in the market.
Realistic or not, here’s ETH’s market cap in BTC terms
As of this writing, Ethereum’s Taker Sell Ratio was 0.50, according to data from CryptoQuant. If the condition remains the same, ETH’s price might struggle to close in on $4,000 as mentioned earlier.
In the coming week, the value of the cryptocurrency might trade between $3,400 and $3,600 as it did in previous weeks.
- While Open Interest increased, Funding Rate stalled.
- The price of the altcoin might keep swinging between $3,400 and $3,600 in the short term.
One day after Ethereum’s [ETH] Open Interest dropped to $13.14 billion, it added another billion to its value. At press time, the Open Interest (OI) was $14.10 billion, according to data from Glassnode.
OI is the value of outstanding futures contracts in the market. Whenever it decreases, it means that traders are closing positions related to the cryptocurrency. However, an increase suggests otherwise.
Speculation is a ticket to a new high
Thus, the rise in Ethereum contracts indicates increased speculative activity regarding the altcoin. In many instances, an increase in OI offers strength to the price direction.
For ETH, it might not be different. As of this writing, ETH changed hands at $3,563, representing a slight 1.10% increase within the last hour.
By the look of things, this could be the start of a significant uptrend for the cryptocurrency.
Source: Glassnode
However, the trading volume had decreased by 35.36% in the last 24 hours. The decline in trading volume is a sign that activity involving ETH was lower in the spot market.
If spot market activity continues to drop while trading in the derivatives market increases, ETH’s price might stall around the $3,500 to $3,600 region.
But if buying pressure in the spot market increases, the altcoin might jump in the $3,800 direction.
Skepticism lingers
Despite the outlook, Ethereum’s Funding Rate has remained stagnant since the 8th of June. Funding Rate is the cost of holding an open position in the derivatives market.
If funding is positive, it means the contract price is trading at a premium to the spot price. In a situation like this, longs pay short to keep their positions open.
On the other hand, a negative funding implies that shorts are paying longs. Also, the contract value of the cryptocurrency is at a discount.
For ETH, the low Funding Rate and high price means that spot volume might soon begin to pick up.
If this is the case, the reasonable inference could be a bullish move for Ethereum. Nonetheless, the price of the cryptocurrency might fail to hit $4,000 in the coming week.
Source: Santiment
In addition, AMBCrypto looked at the Taker Sell Ratio. To get this ratio, we need to divide the sell volume by the total perpetual swaps.
When the ratio is lower than 0.5, it means that selling pressure has decreased. However, a value higher than 0.5 indicate the selling is dominant in the market.
Realistic or not, here’s ETH’s market cap in BTC terms
As of this writing, Ethereum’s Taker Sell Ratio was 0.50, according to data from CryptoQuant. If the condition remains the same, ETH’s price might struggle to close in on $4,000 as mentioned earlier.
In the coming week, the value of the cryptocurrency might trade between $3,400 and $3,600 as it did in previous weeks.
![Render [RNDR] falls 13% in 7 days: Will the AI token gain soon?](https://coininsights.com/wp-content/uploads/2024/06/rndr-tv-1-75x75.png)
where can i buy generic clomiphene without prescription can you buy cheap clomid without insurance how to get clomiphene tablets where to buy clomid clomiphene tablets price uk where buy generic clomiphene without prescription how to buy generic clomiphene without dr prescription
Thanks towards putting this up. It’s understandably done.
More peace pieces like this would create the web better.
azithromycin 500mg sale – order floxin 200mg sale metronidazole 200mg us
purchase motilium without prescription – order domperidone 10mg online flexeril pill
buy augmentin 1000mg generic – https://atbioinfo.com/ acillin over the counter
nexium 40mg for sale – https://anexamate.com/ esomeprazole 20mg for sale
warfarin price – coumamide order cozaar 50mg generic
brand mobic 7.5mg – https://moboxsin.com/ purchase mobic pills
brand deltasone – allergic reactions order deltasone 20mg online
ed pills – the best ed pill cheap erectile dysfunction
fluconazole medication – https://gpdifluca.com/# order fluconazole pill
brand escitalopram 20mg – cheap lexapro 20mg escitalopram 20mg uk
cenforce 100mg over the counter – https://cenforcers.com/# buy cenforce 50mg
cialis over the counter at walmart – https://ciltadgn.com/ difference between tadalafil and sildenafil
cialis tadalafil – https://strongtadafl.com/ tadalafil how long to take effect
ranitidine generic – https://aranitidine.com/# buy zantac 150mg generic
buy viagra women – strongvpls buy viagra sweden
I am in truth enchant‚e ‘ to glance at this blog posts which consists of tons of useful facts, thanks representing providing such data. https://gnolvade.com/es/accutane-comprar-espana/
Proof blog you procure here.. It’s intricate to on high calibre script like yours these days. I truly recognize individuals like you! Withstand vigilance!! https://buyfastonl.com/isotretinoin.html
Good blog you be undergoing here.. It’s intricate to find high status writing like yours these days. I honestly respect individuals like you! Go through care!! https://ursxdol.com/cialis-tadalafil-20/
Thanks recompense sharing. It’s acme quality. https://prohnrg.com/product/diltiazem-online/
More delight pieces like this would make the web better. https://ondactone.com/spironolactone/