Ethereum sees rocketing open interest and futures volume; here’s what this means

2020-4-8 20:44

Ethereum has found itself caught within a firm and unwavering uptrend throughout the past 48-hours, with Bitcoin’s surge past $7,000 providing ETH with some significant momentum that has allowed it to outperform the aggregated market.

This rally has led the cryptocurrency to see a massive surge in futures trading volume and open interest (OI) on popular trading platform BitMEX, with both of these things being a sign that the crypto will see further near-term volatility.

Because ETH has underlying technical strength and has formed what is widely considered to be a bullish market structure, it is a possibility that the crypto will soon rally towards $200.

Ethereum volatility unlikely to let up anytime soon, data shows

Ethereum’s recent rally has allowed it to surge from multi-day lows of $140 to highs of nearly $175, with the crypto only trading down marginally from this level.

This rally has allowed ETH to outperform Bitcoin, and data now seems to suggest that analysts anticipate it to see a further extension of this volatility in the near-term.

According to data from research and analytics platform Skew, Ethereum saw a notable surge in its futures volume on April 6th, with this uptick in volume stemming from Binance, Huobi, and OKEx.

Ethereum Futures – Aggregated Daily Volumes (Source: Skew)

As seen on the above chart, this led futures volume to rocket from roughly $1 billion on April 5th to $3 billion on the 6th, hitting levels not seen since March 20th, which is when the crypto rallied from $115 to $150.

Concurrently with the rise in futures, open interest on Bitmex also rose sharply, a sign that retail traders are also anticipating further volatility.

BitMEX ETHUSD OI (Source: Skew) Which side will this volatility favor?

As reported by CryptoSlate yesterday, a simple ascending triangle that Ethereum recently established and confirmed may allow it to climb towards $200 in the near-term, with this pattern being highly bullish.

Related: Analyst: this simple Ethereum structure point towards a quick recovery to $200

Furthermore, $200 is also where there is significant resistance and liquidity, making this an ideal region for long ETH traders who may be looking to exit their positions.

Although Ethereum may remain closely correlated to Bitcoin, its outperformance of the benchmark cryptocurrency may give it room to run significantly further if BTC is able to continue inching higher.

The massive increase in trader activity – per ETH’s rising open interest and futures volume – may also work to fan the flames currently fueling its uptrend.

The post Ethereum sees rocketing open interest and futures volume; here’s what this means appeared first on CryptoSlate.

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Источник: cryptoslate.com

past ethereum → Результатов: 126


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Over the past month Ethereum (ETH) has seen some overwhelmingly positive price action, surging from lows of $104 to highs of over $150. Part of this price surge may be due to its upcoming Constantinople hard fork, which will offer the crypto multiple enhancements and will reduce its future inflation rates, which will likely be.

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Analysts Expect Ethereum (ETH) to See Increased Bullish Momentum as Crypto Markets Trade Mixed

The crypto markets have experienced decent levels of bullish momentum over the past couple of weeks that has allowed virtually all major cryptocurrencies to recover some of their recent losses. Ethereum (ETH) is one notable gainer that has jumped nearly 45% from its monthly lows and has firmly reclaimed the number two spot by market.

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Drastic Shift in Sentiment in Crypto After Bitcoin Surges: Technical Indicators Point Toward a Rally

Since Bitcoin (BTC) embarked on a bear market rally on Sunday, pushing past $3,600, $3,700, and $3,800 in rapid succession, the waters of the nascent crypto market have quieted. As of the time of writing, Ethereum, EOS, among other leading crypto assets have posted single-digit percentage losses — nothing to write home about.

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