• 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
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
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Ethereum Open Interest Rebounds as Analysts Eye an Explosive Upside Movement

Cole Petersen by Cole Petersen
2 years ago
in Ethereum
Reading Time: 2 mins read
Advertisement

Ethereum has seen some tempered gains overnight, recapturing its position within the $240 region as it shows some signs of technical strength.

Today’s climb has largely been the result of that seen by Bitcoin, as ETH has been closely tracking the benchmark cryptocurrency’s price action over the past week.

This has caused Ethereum’s open interest to rebound significantly over the past seven days, signaling that traders are taking positions in anticipation of it making a big near-term movement.

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

There is one technical pattern that suggests the cryptocurrency could be well-positioned to see some massive upside in the near-term – with one analyst offering an upside target sitting at $750.

In order for this strength to remain valid, traders are noting that it is imperative that the cryptocurrency remains above $217.

Ethereum Open Interest Rebounds as It Maintains Above Key Support

At the time of writing, Ethereum is trading up just under 2% at its current price of $242, marking a large upswing from its recent lows of $235 that were set yesterday in tandem with BTC’s decline to lows of $9,400.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

ETH is now trading down marginally from its local highs of $255 that were set at the peak of its recent rally seen early last week.

Traders seem to be taking notice of the second largest cryptocurrency’s strength, as its open interest has rebounded significantly over the past few days following a sharp decline seen last week.

This rebound can be clearly seen while looking towards the below chart from Coinalyze, with Ethereum’s aggregated open interest currently sitting at just below $700 million.

Data via Coinalyze

On a lower-time frame, analysts do believe that the cryptocurrency remains in firm bull territory as long as it continues closing its daily candles above $217.

In spite of this, its continued inability to break above the $250 region could be enough to push it lower in the near-term.

“ETH beginning to confirm [a trend reversal]. Likely will lead to acceleration in the near term. Would really like to see the last HL hold though in order to stay bullish on alts. No closes below $217 please,” one trader said.

Ethereum
Image Courtesy of Pentoshi

ETH’s Macro Outlook Remains Firmly Bullish

As reported by NewsBTC yesterday, Ethereum was recently able to enter a wide Ichimoku Cloud resistance, with the upper boundary of this resistance pattern sitting at $750.

Popular cryptocurrency analyst Josh Olszewicz stated that this could open the gates for the ETH to rally up towards $750 in the months ahead.

“One-week Ethereum chart. End to end to $750 triggers within the next few months probably.”

Image Courtesy of Josh Olszewicz

This potential uptrend would be significant, as it would mark the first significant parabolic upswing seen by Ethereum since its rally past $1,000 in 2017.

Featured image from Shutterstock.
Tags: ethbtcethusdETHUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

World Of Women, screenshot from the website

Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering

2 days ago
Ethereum

Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish

3 days ago
Ethereum Loses Steam As Exchange Supply Spikes

Ethereum Loses Steam As Exchange Supply Spikes

4 days ago
ethereum

Why Ethereum Could Trade At $500 If These Conditions Are Met

5 days ago
Ethereum

Ethereum Needs To Breach This Level To Sustain Bullish Pace

5 days ago
Ethereum ETH ETHUSD

CME Net Short Exposure Reaches ATH: Why Institutions Are Bearish on Ethereum

5 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

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
BC.Game

BC.Game

Review · Visit

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

MetaBitcoin (MBTC) attracts investment from Dubai’s first royal crypto fund, Alawad Fund

July 4, 2022

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange

July 4, 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

© 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.