Ethereum has, for the most part, established a foothold above the $3,500 price level throughout the week as investors continue to anticipate a return to the $4,000 mark. Interestingly, the optimism has seen the open interest of Ethereum surging to new highs. The surge in open interest, although a bullish sentiment indicator, can also serve as a bearish signal of an impending change in market trend.
Ultimately, this metric added to the current dynamics of the Ethereum ecosystem, including regulatory uncertainty and scalability concerns hinting at a complicated price trajectory for the price of Ethereum.
Ethereum Open Interest Reaches New High
Open interest is an efficient method for tracking the total number of open positions in a particular contract. Recent market dynamics and institutional investor interest have seen the total open interest in Ethereum futures surging above records set in the 2021 bull market phase.
According to data from Coinglass, the open interest on Ethereum futures, which has been on a surge since February 5, recently set a new high of $14.11 billion on March 15. This wasn’t particularly surprising, as a strong buying momentum from the bulls in the prior days saw the price of Ethereum surging past the $4,000 mark for the first time in two years.
However, Ethereum has since reversed from the $4,000 price level and is currently trading below $3,600. On the other hand, the total open interest on Ethereum contracts has maintained around its all-time high level, which allowed it to cross over $14.10 billion again on March 28. The open interest weighted average also went up to 0.0462%, indicating an increase in the demand for leveraged ETH long positions.
The majority ($4.55 billion) in the Ethereum futures market were registered on cryptocurrency exchange Binance. Bybit and OKX came in second and third, with $2.39 billion and $1.94 billion respectively. Interestingly, CME’s Ether futures also surged to $1.3 billion. At the time of writing, the CME’s Ether futures now sit at $1.31 billion, reiterating the committed bullishness among institutional investors.
What’s Next For ETH?
Ethereum has been trading flat since the beginning of the week and is currently on a 0.78% gain in the past seven days. All eyes are now on reports of the SEC looking into Ethereum’s security status, the industry awaits an official ruling similar to the one that was handed down in the XRP case that will finally provide clarity to the regulatory landscape.
At the same time, investors continue to await the SEC’s decision regarding the applications of Spot Ethereum exchange-traded fund (ETF) in the US. According to a Bloomberg senior analyst, the likelihood of approval is only 25%.
ETH price drops to $3,500 | Source: SHIBUSD on Tradingview.com
Featured image from Money, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Ethereum has, for the most part, established a foothold above the $3,500 price level throughout the week as investors continue to anticipate a return to the $4,000 mark. Interestingly, the optimism has seen the open interest of Ethereum surging to new highs. The surge in open interest, although a bullish sentiment indicator, can also serve as a bearish signal of an impending change in market trend.
Ultimately, this metric added to the current dynamics of the Ethereum ecosystem, including regulatory uncertainty and scalability concerns hinting at a complicated price trajectory for the price of Ethereum.
Ethereum Open Interest Reaches New High
Open interest is an efficient method for tracking the total number of open positions in a particular contract. Recent market dynamics and institutional investor interest have seen the total open interest in Ethereum futures surging above records set in the 2021 bull market phase.
According to data from Coinglass, the open interest on Ethereum futures, which has been on a surge since February 5, recently set a new high of $14.11 billion on March 15. This wasn’t particularly surprising, as a strong buying momentum from the bulls in the prior days saw the price of Ethereum surging past the $4,000 mark for the first time in two years.
However, Ethereum has since reversed from the $4,000 price level and is currently trading below $3,600. On the other hand, the total open interest on Ethereum contracts has maintained around its all-time high level, which allowed it to cross over $14.10 billion again on March 28. The open interest weighted average also went up to 0.0462%, indicating an increase in the demand for leveraged ETH long positions.
The majority ($4.55 billion) in the Ethereum futures market were registered on cryptocurrency exchange Binance. Bybit and OKX came in second and third, with $2.39 billion and $1.94 billion respectively. Interestingly, CME’s Ether futures also surged to $1.3 billion. At the time of writing, the CME’s Ether futures now sit at $1.31 billion, reiterating the committed bullishness among institutional investors.
What’s Next For ETH?
Ethereum has been trading flat since the beginning of the week and is currently on a 0.78% gain in the past seven days. All eyes are now on reports of the SEC looking into Ethereum’s security status, the industry awaits an official ruling similar to the one that was handed down in the XRP case that will finally provide clarity to the regulatory landscape.
At the same time, investors continue to await the SEC’s decision regarding the applications of Spot Ethereum exchange-traded fund (ETF) in the US. According to a Bloomberg senior analyst, the likelihood of approval is only 25%.
ETH price drops to $3,500 | Source: SHIBUSD on Tradingview.com
Featured image from Money, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
can i get cheap clomiphene without dr prescription how to get cheap clomid no prescription clomiphene uk buy get clomiphene pills can i buy generic clomid without prescription clomid or serophene for men how much is clomid without insurance
This website exceedingly has all of the tidings and facts I needed there this participant and didn’t positive who to ask.
Thanks on putting this up. It’s well done.
order zithromax 500mg generic – buy tetracycline 250mg sale flagyl 200mg over the counter
order semaglutide 14mg pill – rybelsus 14mg cheap buy cyproheptadine medication
order generic motilium 10mg – cyclobenzaprine 15mg price cyclobenzaprine medication
order inderal 10mg generic – clopidogrel pill cost methotrexate 2.5mg
brand azithromycin 500mg – azithromycin drug order bystolic 5mg online
buy augmentin 375mg for sale – atbioinfo oral ampicillin
buy esomeprazole generic – anexa mate order esomeprazole pills
purchase medex pills – blood thinner buy losartan paypal
mobic 7.5mg us – mobo sin mobic online
prednisone sale – apreplson.com buy generic prednisone online
top ed drugs – fastedtotake buy erection pills
buy amoxil without prescription – https://combamoxi.com/ purchase amoxil
fluconazole uk – on this site purchase fluconazole online cheap
cenforce over the counter – order cenforce 50mg generic cenforce drug
cialis cost at cvs – https://ciltadgn.com/ cialis without prescription
cialis high blood pressure – https://strongtadafl.com/ how much does cialis cost at walgreens
More articles like this would make the blogosphere richer. comprar kamagra en espaГ±a
buy viagra 50mg – https://strongvpls.com/ generic viagra cheap uk
More posts like this would bring about the blogosphere more useful. https://buyfastonl.com/isotretinoin.html
Thanks for putting this up. It’s okay done. ursxdol
I’ll certainly bring back to be familiar with more. https://prohnrg.com/product/loratadine-10-mg-tablets/
This is the kind of delivery I turn up helpful. https://aranitidine.com/fr/ciagra-professional-20-mg/
The sagacity in this serving is exceptional. https://ondactone.com/simvastatin/
I am in fact happy to gleam at this blog posts which consists of tons of useful facts, thanks representing providing such data.
https://proisotrepl.com/product/colchicine/
This is the tolerant of post I find helpful. http://iawbs.com/home.php?mod=space&uid=914823