Earlier this week, Ethereum experienced a remarkable increase After a period of bear pressure that stopped previous upward attempts. However, this new bullish momentum appears to have lost steam as ETH prices were pulled back on Thursday. Despite this pullback, ETH’s derivatives market continued to show strong momentum.
A dramatic increase in open interest in Ethereum
As Thursday approaches the end, Ethereum It took a hit, falling below the $2,700 price mark, and again caught the level in resistance. Altcoin’s prices have dropped to major support levels, but GlassNode, the leading data analytics platform, is It has been reported A major advancement in ETH’s on-chain activity.
This advance, outlined by GlassNode, is evidenced by the recent surge in open profits from futures put into cash in Ethereum. According to the on-chain platform, open interest in cash-marunized futures is The newest ever.
Data from the platform shows that key investor behavior indicators have risen to a $20 billion milestone. It is worth noting that this sharp growth of this sharp interest will be born after the metrics had previously dropped to $8 billion in the second quarter of this year.
Futures have a derivatives landscape as the new record-highest significant gains come in light of recent pullbacks network I have experienced a revival of activities. Furthermore, it shows that traders are increasingly interested in ETH without relying on collateral for crypto-assistance.
GlassNode emphasized that leverage will continue to increase as traders fill up with stubcoins, even if there are minor retreats starting at the $2,800 level. Such a difference may suggest that traders are still betting on altcoin I’m looking forward to a large gathering in the short term.
With a decrease in ETH, prices are below the cost-based distribution
ETH’s recent pullbacks have stolen concerns at around $1.3 million at the price range of $2,760 at 2,760 levels, where prices are held at 800,000 ETH. ETH I bought it. These levels previously served as strong support following the surprising upward movement of Altcoin, but now they are again serving as robust resistance levels.
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Currently, cost basebands are distributed more equitably, with $50 each holding 200,000-400,000 ETH, ranging from $2,760 to $3,420 on the spot. However, GlassNode claim There is no dominant resistance up to $3,417, where 607,950 ETH is held.
Ethereum prices need to be regained in the $2,700 and $2,760 range. Altcoin’s pass is again open to 3,420 points. Nevertheless, how quickly ETH can rise to this critical resistance level depends on responses from holders in the price range of $2,800-$3,300.
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