Earlier this week, Ethereum witnessed a remarkable rise After a period of declining pressure that stopped the previous upside attempts. However, it seems that this renewed bullish momentum loses Steam as the price of ETH witnessed a withdrawal on Thursday. Despite this decline, the ETH Machitics market continued to show a strong momentum.
A dramatic rise in the open interest ethereum
As Thursday approaches its end, ethereum I got a blow and a decrease without a price sign of $ 2700, flipping the level to resistance again. While the ALTCOIN price has decreased to the main support levels, Glassnode, which is the leading data analysis platform, I mentioned A great progress in the ETH activity on the series.
This progress, set by Glassnode, is evident, by a modern increase in Ethereum Cash-MARGINED FUTERES Open benefit. According to the platform on the chain, the future open interest witnessed a dramatic increase The highest new level ever.
The data from the statute shows that the main investor behavior scale has increased to the teacher of $ 20 billion. It should be noted that this sharp growth in open interest comes after the scale previously decreased to 8 billion dollars in the early second quarter of this year.
Since the open interest in the futures, the noticeable height to the highest new level ever comes in light of the recent decline, this means that the derivatives of the derivatives are from Network It suffers from the return of the activity. Moreover, it indicates that merchants are increasingly interested in ETH without relying on encryption guarantees, which are often a sign of more institutional participation.
Glassnode is highlighted that the leverage continues to increase as trades fill Stablecoins, although there is a slight decline in 2800 dollars. Such a difference may indicate that merchants are still betting on altcoin in Expect a large range in the short term.
ETH decrease brings its price less than the cost basis distribution
The last withdrawal from ETH raised concerns with its price drop to less than the cost basis distribution at the level Eth It was purchased. These levels, which were previously a strong support after the wonderful ups of Altcoin, are now working as strong levels of resistance again.
Related reading: ETHEREUM Big Transactions Jumping 100 % in 24 hours, will the ETC whales pay the altcoin season?
Nowadays, the cost foundation ranges are more distributed, with each $ 50 bar that owns 200,000-400,000 ETH and ranges between $ 2,760 to $ 3,420 over the stain. However, Glassnode Claims There is no dominant resistance up to $ 3417, as 607,950 ETH is held.
If the Ethereum price is $ 2,700 and a group of $ 2760, The Altcoin track is opened again to a point of $ 3420. However, for how long is ETH to the critical resistance level depends on the response from its holders in the price area ranging between $ 2800 and $ 300.
Distinctive image from Getty Images, Chart from TradingView.com
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