After a slight rebound on Tuesday, it went to a $1,600 threshold. EthereumThe price of the product was facing significant resistance and suddenly broke down to $1,450. ETH’s lasting weak performance this year has affected investors’ convictions in the market, causing significant sales pressure in the past few weeks.
Bearish feelings about Ethereum grow in vinanence
Bearish sentiment about Ethereum is on the rise, especially with the crypto exchanges of Binance, the world’s largest cryptocurrency exchange. Cryptoquant, Darkfost verified authors and chain experts, It was revealed The open interest (OI) of that ETH continues to decline steadily.
The persistent decline in interest opened in the crypto exchange shows that ETHThe derivatives market is chilled. It also reflects the growing attention between investors and traders.
DarkFost highlighted that Open interest Binance continues to decline without stopping, changing under a 365 simple moving average (SMA). The move means speculative activity is being pulled back as investors may be waiting for a more specific signal before making a strong comeback to the market.
After hitting an all-time high of $7.78 billion in December, Binance’s public interest fell nearly 50% between December and April, sweeping nearly $4 billion within the period. The chart shows that ETH’s open interest in Binance is valued at $3.1 billion, suggesting a major shift in investors’ sentiment on the platform.
According to on-chain experts, Ethereum prices This sharp drop has been heavily affected, and there is no indication that the ongoing downward trend will soon cease. Furthermore, it reflects the recent magnitude of liquidation and the growing aversion to investors towards risk.
If the trend continues, DarkFost said “Ethereum prices are still far from entering a period of stability.” Therefore, DarkFost encouraged traders to monitor Investors’ behaviour in vinanence,This remains a valuable indicator as the largest volume of trade across the market is regularly captured by the Crypto platform.
ETH is poised for the biggest upward position of new history
Open interest in ETH has declined at most Cryptocurrency exchange And the market is very unstable, which raises concerns about its price stability. Nevertheless, many crypto analysts are confident that the rebound could be on the horizon.
Market experts and traders Milkybull Crypto Share The X Platform post outlines the potential for a massive surge in Ethereum over the coming weeks. At the time of posting, ETH was trading at $1,585, but experts said Altcoin is usually marking macros. bottom At this level. If this level is retained, Milkybull expects a massive gathering and places its next target at a $10,000 milestone.
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