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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy?

Best Owie
Best Owie
1 year ago
3 mins read
Ethereum open interest

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The Ethereum open interest has been on an upward trajectory that has culminated in it crossing the $5.2 billion mark. This surge is important to Ethereum’s native token ETH in a number of ways as it could point to how investors are viewing the cryptocurrency at this point.

Ethereum Open Interest Sees Rapid Rise

Data from Coinglass shows that the Ethereum open interest has risen rapidly in recent times. Over the last week, the open interest has grown, eventually crossing $5.2 billion at a time when the crypto market continues to struggle to loosen the grip of bears.

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One thing about open interest is that it can point to how investors are viewing the cryptocurrency and whether they are bearish or bullish. When open interest rises, it points to investors becoming more bullish. On the other hand, a drop in open interest suggests that investors are more bearish and expect prices to drop.

Ethereum open interest

ETH open interest jumps above $5.2 billion | Source: Coinglass

This time around, with the open interest being on the rise, it suggests that crypto investors are turning bullish once more. This reflects the Crypto Fear & Greed Index showing that investor sentiment has been improving during the same time period.

The chart above shows that the ETH price has often rallied when open interest has surged, which could happen in this case. If this holds true, then the ETH price could be looking at a rise toward the $1,700 level once more.

ETH Could Rally With Crypto Market

The turn to bullishness marked by the increase in Ethereum open interest is not limited to the cryptocurrency alone. Looking at the long/short ratio on Coinglass shows that long volumes have begun to recover while short volume has plummeted.

Ethereum long volumes are currently sitting at $574 million compared to $548 million for short. This comes out to 51.28% for longs with 48.72% for shorts. And while these differences are not especially significant, it does show that crypto investors are betting more on a recovery for the cryptocurrency.

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Liquidations have also shown that short traders are losing more in the market. Ethereum currently has a 24-hour liquidation volume of $6.63 million. $1.57 million of this is long positions while $5.06 million is accounted for by short traders.

The ETH price is sitting at $1,588 at the time of writing. It’s seeing small gains of 0.84% in the last day but nursing 3.59% losses on the weekly chart.

Ethereum price chart from Tradingview.com (Open interest)

ETH price remains volatile | Source: ETHUSD on Tradingview.com
Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Nasdaq, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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