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Home Ethereum

Ethereum Open Interest Hits Record High Of $17 Billion — Bearish Or Bullish For ETH Price?

December 1, 2024
in Ethereum
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Ethereum Open Interest Hits Record High Of $17 Billion — Bearish Or Bullish For ETH Price?
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Este artículo también está disponible en español.

The price of Ethereum has been on a remarkable run in the past week, returning above the $3,500 level for the first time since July 2024. This single-week performance represents a change in the fortunes of the “king of altcoins,” which somewhat slowed down after a great start to the month of November.

While the current price layout for Ethereum suggests that there is still room for upward movement, certain on-chain signals indicate that the market might be on the cusp of a pullback. One of these signals is the ETH open interest, which recently hit a new all-time high.

Is ETH Price At Risk With Surging Open Interest?

In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym ShayanBTC has revealed that while the Ethereum price trajectory looks bullish at the moment, investors need to tread with caution. This projection is based on the “alarming divergence” in the ETH futures market metrics.

Related Reading

Specifically, the relevant futures market metric here is the open interest, which tracks the total amount of open futures or derivatives contracts of a particular cryptocurrency (ETH, in this case) in the market at a given time. It basically evaluates the amount of money being poured into Ethereum futures at every moment.

According to data from CryptoQuant, the Ethereum open interest has reached a new all-time high value of $17 billion. Typically, surging open interest signals a shift in investor sentiment, with traders increasingly speculating and gearing for a potential market movement.

Ethereum
Source: CryptoQuant

ShayanBTC, however, noted that the notable spike in open interest was not accompanied by a new all-time high for the price of Ethereum. According to the Quicktake pundit, this divergence between the price and the open interest points to a potential increase in volatility and significant liquidation cascades.

See also  Crypto Pundit Predicts Ethereum Price Rise To $3,000, But A Crash Could Happen First

ShayanBTC added:

If Ethereum’s price faces a sudden downturn or consolidation, the overleveraged positions from futures traders could trigger a wave of forced liquidations, leading to rapid price declines.

As of this writing, the price of Ethereum sits just beneath $3,700, reflecting an over 3% increase in the last 24 hours. According to data from CoinGecko, the altcoin’s value is up by nearly 8% in the past seven days.

Ethereum Whales Load Their Bags

Fortuitously, another on-chain data has emerged to counter the bearish prognosis for the second-largest cryptocurrency. In a November 30 post on the X platform, prominent crypto analyst Ali Martinez revealed that a particular class of Ethereum large investors has been active in the market. 

Ethereum
Source: Ali_charts/X

Related Reading

Data from CryptoQuant shows that Ethereum whales holding between 100,000 and 1,000,000 coins have purchased over 280,000 ETH in the past four days. This level of buying activity from such an influential class of investor could be considered bullish for the altcoin.

Ethereum
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image created by DALL-E, chart from TradingView

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Este artículo también está disponible en español.

The price of Ethereum has been on a remarkable run in the past week, returning above the $3,500 level for the first time since July 2024. This single-week performance represents a change in the fortunes of the “king of altcoins,” which somewhat slowed down after a great start to the month of November.

See also  Ethereum's next price move - Here are the key levels to watch!

While the current price layout for Ethereum suggests that there is still room for upward movement, certain on-chain signals indicate that the market might be on the cusp of a pullback. One of these signals is the ETH open interest, which recently hit a new all-time high.

Is ETH Price At Risk With Surging Open Interest?

In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym ShayanBTC has revealed that while the Ethereum price trajectory looks bullish at the moment, investors need to tread with caution. This projection is based on the “alarming divergence” in the ETH futures market metrics.

Related Reading

Specifically, the relevant futures market metric here is the open interest, which tracks the total amount of open futures or derivatives contracts of a particular cryptocurrency (ETH, in this case) in the market at a given time. It basically evaluates the amount of money being poured into Ethereum futures at every moment.

According to data from CryptoQuant, the Ethereum open interest has reached a new all-time high value of $17 billion. Typically, surging open interest signals a shift in investor sentiment, with traders increasingly speculating and gearing for a potential market movement.

Ethereum
Source: CryptoQuant

ShayanBTC, however, noted that the notable spike in open interest was not accompanied by a new all-time high for the price of Ethereum. According to the Quicktake pundit, this divergence between the price and the open interest points to a potential increase in volatility and significant liquidation cascades.

ShayanBTC added:

If Ethereum’s price faces a sudden downturn or consolidation, the overleveraged positions from futures traders could trigger a wave of forced liquidations, leading to rapid price declines.

As of this writing, the price of Ethereum sits just beneath $3,700, reflecting an over 3% increase in the last 24 hours. According to data from CoinGecko, the altcoin’s value is up by nearly 8% in the past seven days.

See also  SingularityNET (AGIX) Price Prediction

Ethereum Whales Load Their Bags

Fortuitously, another on-chain data has emerged to counter the bearish prognosis for the second-largest cryptocurrency. In a November 30 post on the X platform, prominent crypto analyst Ali Martinez revealed that a particular class of Ethereum large investors has been active in the market. 

Ethereum
Source: Ali_charts/X

Related Reading

Data from CryptoQuant shows that Ethereum whales holding between 100,000 and 1,000,000 coins have purchased over 280,000 ETH in the past four days. This level of buying activity from such an influential class of investor could be considered bullish for the altcoin.

Ethereum
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image created by DALL-E, chart from TradingView

Tags: BearishBillionBullishETHEthereumHighhitsInterestOpenPricerecord

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