Ethereum is currently demonstrating a constant price augment, publishing an augment of 6% on the last day when the wider cryptocurrency market was accumulating. This rush up is after news about the American executive ordinance establishing a domestic digital supply of assets, contributing to a positive market environment.
In this background, the Cryptoquant Shayanbtc analyst provided fresh perspective on the current trajectory Ethereum. Shayan emphasizes the compelling discrepancy between the growing open interest in Futures Ethereum and the price, which has not yet reached the previous peaks.
The growing Futures market and divergent price actions
According to Shayan, in a post recently sent on the Quickquant Cryptoquant platform, Ethereum’s open interest – the index of energetic Futures contracts – has increased to the highest level in recent weeks, which indicates an augment in market share and growing interest in traders.
The analyst notes that the augment in open percentage of ETH and the snail-paced price response suggests disconnecting between market moods and price efficiency. While Futures traders seem to be hopeful, this optimism has not yet translated into breaking the key levels of Ethereum resistance. The analyst wrote:
Interestingly, there is a discrepancy between the Ethereum price and Futures market activity. Despite the significant augment in open percentage, the price must still break its previous Maks, showing a potential imbalance between market expectations and price activities.
Shayan also notes that increased open interest can lead to variability. Historically, after great interests, significant price fluctuations occurred as the position was liquidated.
Although the direction of the next movement remains uncertain, current activity and sentiment bend towards the potential stubborn explosion. Shayan suggested that if Ethereum can exceed critical resistance, he could pave the way for a longer rally.
Market fears and bears indicators
However, another cryptochant analyst, Darkfost, presents more cautious perspectives. Darkfost indicates a number of bear factors, including an augment in Ethereum influx and binance reserve.
According to the data provided by Darkfost, from September 2024, the influence of Ethereum consistently overtook the outflows, which leads to an augment in reserves in return. This trend reflects the pressure for sale, because more Ethereum is transferred to the stock exchanges, potentially indicating the intention to sell, not hold.
In addition, the Binance’s Binance purchase indicator has been around for months, showing a consistent dominance of sales orders. Darkfost reveals that the change of these indicators suggests that some investors can block profits or realize capital elsewhere, which leads to a more cautious mood of the market.
A distinguished picture created from DALL-E, chart from TradingView
