Over the past few weeks, both Bitcoin and Ethereum have recorded an captivating wave of high variability price. Of course, this variability stimulated the wave of trade, because cryptography traders perceive this as a time of possibilities due to fluctuations. The result of this was a edged boost in open interest at this time both Bitcoin and Ethereum. Although this is significant, looking at previous performances, it may suggest where Bitcoin and Ethereum prices are going.

Bitcoin and Ethereum Open interest remain very high

At the end of August, the price of Ethereum began to grow rapidly, driven by huge purchases from Ethereum tax companies, such as Bitmine and Sharplink. In this pushing, the price of Ethereum will reach a completely up-to-date level of all time, beating the peak of USD 4,800 from 2021 after climbing above USD 4,950.

In the same spirit, open interest increased rapidly, and this record also increased to the up-to-date ups of all time. Until August 23, in the midst of madness, the open percentage of Ethereum increased by over $ 70 billion for the first time in history, marking the main milestone. Ethereum open interest has increased since then. But at the time of writing this text, it still sits over $ 55 billion, which suggests that interest in Altcoin is still high.

While the interest in Bitcoins did not reach up-to-date peaks in August, such as Ethereum, it also remained at a very high level. Data from Coumingss can be seen The fact that Bitcoin open interest still is on average $ 80 billion, still similar to the highest level of $ 86 billion, which was registered in July.

Which may mean open interest in ATHS

Looking at previous performances, when Bitcoin and Ethereum interest were at a high level, the consolidation period usually occurs, especially as retration. This was perceptible after the first highest levels of the year in February, followed by several months of consolidation.

On the other hand, they appeared after the peaks in June Miniature consolidationwhich ended in July. And then another consolidation before the open interest began to bounce in August. This shows that the consolidation period is not always long, but at the end it is always another boost in an open interest that coincides with the price boost.

Hence, if the open interest in Bitcoins and Ethereum were to reach up-to-date peaks, it would probably be mean that their prices are ready to achieve up-to-date ups also. After the trends of the last few months, open interest can start to rise again at the end of September, driven by prices.

A distinguished picture from Dall.e, chart from tradingview.com