Ethereum

Bitcoin

Million

The price of the altcoin king Ethereum has surged over 16% in the past month, surpassing $1900 for the first time since August. This comes as <a href="https://en.coin-turk.com/bitcoin-price-analysis-bitcoins-technicals-point-to-a-potential-rally-as-it-approaches-31000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> takes a breather around $35,000 and altcoins start to move. While market sentiment remains positive, Ethereum’s price came under pressure after millions of dollars’ worth of Open Interest (OI) was wiped out following a significant increase last week.
<h2 style="text-align: justify" id="strong-400-million-worth-of-open-interest-vanishes-in-ethereum-strong">$400 Million Worth of Open Interest Vanishes in Ethereum</h2>
On the weekend, on-chain crypto <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> Maartunn stated, “Ethereum caught my attention. Open Interest (OI) has increased by over $600 million in recent days. Volatility will increase very soon.” Investors are expecting Ethereum to reach $2,000 as Bitcoin remains strong around $35,000.
In today’s ETH analysis following the weekend, Maartunn highlighted that $400 million worth of OI was wiped out in a single day, erasing all the gains in OI over the past few days. As a result, Ethereum’s price likely remained under pressure for a retracement or correction. The probability of a correction is low due to positive market sentiment, but the likelihood of a pullback is high.
<img decoding="async" class="aligncenter size-full wp-image-273790" src="https://coin-turk.com/wp-content/uploads/2023/11/Altcoin-Acik-Faiz.png" alt="" width="2629" height="1600">
For those unfamiliar, OI is a term commonly used in futures and options markets. OI represents the open positions of one party in a futures contract (positions that have not been closed yet). Open positions indicate how much commitment an investor has made to a particular contract or the direction of their position.
<h2 style="text-align: justify" id="strong-eth-price-analysis-strong">ETH Price Analysis</h2>
Meanwhile, whales are withdrawing ETH from cryptocurrency exchanges amidst the overall recovery in altcoins. While this move by whales is generally considered a sign of an upward trend, the trading volume needs to be closely monitored to ensure there is no correction.
The daily chart of ETH currently shows the price moving within a descending channel formation, indicating a potential 16% drop if the formation plays out. Indeed, the high volatility observed around the $1830 level proves it to be a strong resistance level.
Experienced crypto analyst Credible <a href="https://en.coin-turk.com/crypto-investors-hopeful-as-bitcoin-continues-to-trade-in-a-narrow-range/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> stated that the price chart of ETH is extremely clean and the $1400 – $1500 range is a buying zone on higher timeframes, meaning it is a support zone or a bottom area. The analyst believes that unless there is a major development, the price of the altcoin king will not drop below $1500 again. Additionally, it is predicted that before reaching $2000, Ethereum will first test $1700.
<img decoding="async" class="aligncenter size-full wp-image-273789" src="https://coin-turk.com/wp-content/uploads/2023/11/Ethereum-ETH-Altcoin-Fiyat-Grafigi-scaled.jpeg" alt="" width="2560" height="1432">
According to the latest data, ETH has risen by 0.63% in the past 24 hours and is currently trading at $1899. The lowest and highest prices in the past 24 hours were $1863 and $1911, respectively. Furthermore, the trading volume has increased by 42% in the past 24 hours. Continue Reading: <a href="https://en.coin-turk.com/ethereum-soars-above-1900-as-open-interest-worth-400-million-gets-wiped-out/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/ethereum-soars-above-1900-as-open-interest-worth-400-million-gets-wiped-out/</a>

Ethereum Soars Above $1900 as Open Interest Worth $400 Million Gets Wiped Out

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