Following the OI of $600 million in the past few days, Ethereum's open position was eliminated by $400 million in one day, causing selling pressure.Ethereum prices have exceeded $1900 for the first time since August, rising by over 16% within a month
Following the OI of $600 million in the past few days, Ethereum's open position was eliminated by $400 million in one day, causing selling pressure.
Ethereum prices have exceeded $1900 for the first time since August, rising by over 16% within a month. At the same time, Bitcoin took a breather around $35000, with counterfeit currency taking the lead. Although market sentiment remains optimistic, ETH prices are under pressure as millions of open interest contracts (OIs) have been cleared after a significant increase last week.
Ethereum's $400 million open position contract erased
This Sunday, Ethereum caught my attention. Over the past few days, open interest contracts (OI) have increased by $600 million. This will soon experience volatilityMaartunnRepresent. Due to the persistence of Bitcoin prices at $35000, traders expect ETH to reach $2000.
Maartunn pointed out on November 6th that within one day, OI had evaporated $400 million, almost giving up all of OI's profits from the past few days. Therefore, ETH prices are under pressure and may experience a pullback or correction. Due to positive market sentiment, the possibility of a pullback is unlikely. However, the possibility of a pullback is greatest.
In addition, with the recovery of counterfeit currency, Whale has transferred many ETHs to cryptocurrency exchanges. The selling of whales is usually considered a bullish trend, but please closely monitor trading volume to prevent correction from being ineffective.
The CoinGap Markets report states that a bearish breakthrough in the channel pattern will result in a 16% drop in prices. Ethereum experienced significant fluctuations around $1830, which proved to be a strong resistance.
Popular cryptocurrency analystsCredibleCryptoAt present, the chart is very clean, with the $1400- $1500 area being his HTF buying area and bottom. He believes that ETH prices will not fall below $1500 again. In addition, he expects ETH to first hit $1700 and then rise to $2000.
ETH price within the past 24 hoursDown 1%, currently trading at $1877. The 24-hour low and high points are $1863 and $1911, respectively. In addition, trading volume has increased by 42% in the past 24 hours.
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