• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Ethereum ETH ETHUSDT
Nexo Logo

Ethereum Beats Bitcoin For The First Time In This Metric, What Does It Say About ETH’s Price?

Reynaldo Marquez by Reynaldo Marquez
6 days ago
in All
Reading Time: 2 mins read
Advertisement

Ethereum has been experiencing a slowdown in its bullish momentum over the weekend. The cryptocurrency managed to break the critical resistance at $1,700 but could re-test previous support levels before reclaiming higher levels.

Related Reading: Bitcoin Impressive July Recovery In The Midst Of An Ongoing Crisis

According to Wu Blockchain, Ethereum recently surpassed Bitcoin in terms of Open Interest (OI) for options contracts. This metric stands at $5.6 billion as opposed to BTC’s $4.3 billion.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

For the first time since the inception of these products, ETH’s price beat BTC’s open interest. As Wu Blockchain noted, most of the OI recorded for Ethereum option contracts are calls (buy) concentrated on September 30 and December 30.

Ethereum ETH ETHUSDT Glass
Source: Glassnode via Wu Blockchain

Both of these dates are post-merge, a highly expected event for Ethereum. “The Merge” has been tentatively set for mainnet by September 9th.

This event will complete ETH migration from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. Players in the options market seem to be positioned to the upside or hedging potentially short positions with other investment products.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Ethereum ETH ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

A Different Perspective On The Price Of Ethereum

Data from Material Indicators accurately predicted the short-term selling pressure with the potential for an increase in volatility on yesterday’s essential daily, weekly, and monthly candle close. These events often promote sudden moves in an asset’s price.

Ethereum ETH ETHUSDT MI 1
Source: Material Indicators via Twitter

As seen below, Material Indicators’ Trend Precognition Indicator flashed a short signal at yesterday’s daily close. This suggested that Ethereum had a high chance of trending to the downside.

This short-term selling pressure coincided with technical resistance at the 100-day moving average (DMA). This level swelled with an increase in asks orders as the price of Ethereum trended to the upside over the past two days.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

At the time of writing, ETH’s price still records $13 million in asks (sell) orders at $1,700. This suggests that this level will continue to operate as critical resistance for the time being.

This shift in momentum for ETH’s price, as supported by Material Indicator’s trend precognition and asks liquidity, might translate into more persistent downside price action. As seen below, these analysts presented a possible bearish scenario for Ethereum for the coming months.

The fractal or price forecast below shows ETH’s price might trend downwards until at least October 2022. These models are highly unpredictable but it could provide traders with clarity about the price direction in high time frames.

Related Reading: Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0

On the latter, analysts from Material Indicators said the following highlighting how this data provides a different take on the current ETH’s price narrative away from the migration to a PoS consensus:

I don’t recommend trading fractals or taking them too literally as they can deviate in both price range and time or invalidate anytime. That said… All of the above elements paint a very compelling story for #ETH based purely on algos and TA without any of the POW (Proof-of-Work) –> POS (Proof-of-Stake) chatter

Ethereum ETH ETHUSD MI 2
ETH’s price forecast for the coming months. Source: Material Indicators via Twitter
Tags: ETHethereumETHUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Polkadot price

Polkadot Price Moves Above $8, Sets Eye On $9

3 days ago
Bitcoin

Another Red Daily Close Puts Bitcoin Below $23,000, Is Recovery Expected?

5 days ago
Decentraland

Decentraland Jumps 15% In 3 Days – Who’s Buying MANA?

2 weeks ago
Polygon

Polygon (MATIC) Looks Set For A Retracement After Recent Gains

2 weeks ago
Zimbabwe, gold coins over grey background

Zimbabwe Will Issue Gold Coins To Control Inflation. Why Don’t They Use BTC?

1 month ago
Ethereum

Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets

1 month ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Drive into metaverse: Alibaba and SAIC-backed EV brand IM Motors opens IM Valley to further embrace blockchain tech

August 7, 2022

Gnox (GNOX), Maker (MKR) And Lido DAO (LDO) Show How A Strong Staking Concept Is Mega Bullish

August 7, 2022

DeFi Summer: Uniglo (GLO), Curve DAO (CURVE) and Waves (WAVES) Are Your Best Bet To Accumulate Wealth

August 7, 2022

Gucci Is The First Business To Accept ApeCoin (APE). Is Robo Ape (RBA) Next In Line?

August 6, 2022

Gnox (GNOX) Presale Is Selling Out In Spite Of Volatile Market. Avalanche (AVAX) And Cronos (CRO) Could Bottom This Week

August 6, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.