Ethereum

Bitcoin ETF

Bitcoin

The world’s second-largest cryptocurrency in terms of market cap, Ethereum (ETH), is once again in demand following anticipation over a spot Ethereum ETF (Exchange Traded Fund). This surge in demand from investors and crypto whales is evident in Ethereum’s future Open Interest chart. Ethereum open interest surge, the reason 
According to a recent post by on-chain analytics firm Coinglass, Ethereum’s open interest is nearing a 2021 all-time high. This significant increase in open interest is observed on the chart just after the approval of a spot Bitcoin ETF and the potential approval of a spot Ethereum ETF. 
In the recent days, both investors and crypto whales have been aggressively accumulating Ethereum, indicating the demand for Ethereum before its potential ETF approval. This substantial interest from these investors and crypto giants is a positive sign in the bullish sentiment across the cryptocurrency industry. 
This record surge in the open interest of Ethereum was observed just after the recent breakout of the consolidation zone, which had been a strong hurdle for Ethereum. From February 20, 2024, to February 24, 2024, Ethereum was moving in a narrow range between $2,000 to $3,030. However, on February 25, 2024, Ethereum broke out of this consolidation zone, leading to the observed massive open interest. Ethreum technical analysis and key levels 
As of now, Ethereum is trading near $3,110, experiencing over a 2.5% price surge in the last 24 hours. Looking at Ethereum’s performance over a longer period, in the last 7 days, its price has surged by over 7.5%, and in the last 30 days, Ethereum has experienced a significant upside momentum of over 40%. This substantial upside momentum in the last 30 days has attracted more investors and retailers to Ethereum. 
According to expert technical analysis, Ethereum recently broke out of a small consolidation zone and is currently in a bullish trend. If the sentiment and interest remain the same for Ethereum, we may see a price reaching the $3,600 level in the coming days. This level represents another hurdle (resistance) for Ethereum before it reaches its all-time high. 
On February 19, 2024, a crypto whale purchased over $220 million worth of <a href="https://news.todayq.com/ethereum-whale-makes-155m-move-as-eth-nears-to-hit-3k/">Ethereum</a> at an average price of $2,845. On February 22, 2024, another crypto whale added over<a href="https://news.todayq.com/ethereum-price-surges-as-whale-buys-252-million-of-eth/"> $252 million worth of Ethereum</a>, showcasing a significant accumulation of interest in Ethereum ahead of its ETF approval. 
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Big move expected! After Ethereum open interest soars

Todayq News

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