Ethereum Open Interest gains by $1B - Impact on ETH?
How did Ethereum's trading volume change in the last 24 hours and what does this indicate about market activity?
Ethereum's trading volume decreased by 35.36% in the last 24 hours. This decline in trading volume indicates that activity involving ETH was lower in the spot market. If spot market activity continues to drop while trading in the derivatives market increases, ETH's price might stall around the $3,500 to $3,600 region. However, if buying pressure in the spot market increases, the altcoin might jump in the $3,800 direction.
What could be the impact on Ethereum's price if spot market activity continues to decrease while derivatives market trading increases?
If spot market activity continues to decrease while trading in the derivatives market increases, Ethereum's price might stall around the $3,500 to $3,600 region. However, if buying pressure in the spot market increases, the altcoin might jump in the $3,800 direction.
What was the value of Ethereum's Open Interest one day after it dropped to $13.14 billion?
The value of Ethereum's Open Interest one day after it dropped to $13.14 billion was $14.10 billion. This increase in Open Interest suggests a rise in speculative activity surrounding the altcoin, potentially signaling a new high for Ethereum4.