Ethereum Leverage Increases: Analyst Predicts Longs Could Benefit
2024年10月18日 - 12:00PM
NEWSBTC
Recent reports have revealed that Ethereum has had a challenging
run, underperforming compared to other major cryptocurrencies.
However, despite this, some positive signs may be on the horizon.
According to a CryptoQuant analyst, Percival, Ethereum’s open
interest has increased significantly, indicating rising investor
optimism for a potential rally. Related Reading: Ethereum Whales
Are Quietly Accumulating—Is A Major Price Breakout Coming?
Potential For Ethereum Rally And Longs Benefit According to the
data shared by Percival, Ethereum’s open interest stands at $9.6
billion, marking a 28.57% increase from August, although it is
still below the $13 billion recorded in June. The rise in open
interest points to expectations of an upward price movement, with
many traders positioning themselves for increased demand. Percival
noted that several factors, including potential Federal Reserve
interest rate cuts and a growing focus on the future of
tokenization on the Ethereum blockchain, may fuel this uptick. This
shift could drive more interest toward decentralized finance (DeFi)
protocols, making Ethereum more attractive for investors looking
for long-term gains. Percival also highlighted that Ethereum’s
Relative Strength Index (RSI) is at 61, suggesting that the market
is overheated. A “convergence” between open interest and RSI levels
indicates that price corrections will likely be short-lived,
providing opportunities for traders to position themselves for a
market rebound. The analyst estimated that Ethereum may experience
a correction of around 7% to 9% before rallying again, favoring
long positions as traders await a potential rise in both price and
demand. The analyst particularly wrote in a post on the CryptoQuant
QuickTake platform: The convergence of the highest lows in the RSI
suggests a potential for a less pronounced correction, estimated to
be between 7% and 9%. This scenario favors long positions, with
traders patiently waiting for a market rebound to confirm new highs
and higher lows. ETH’s Path To A Bullish Breakout At the time of
writing, Ethereum trades at $2,611, down slightly by 0.1% in the
past 24 hours. This comes after a strong week where the
cryptocurrency saw a 9.3% increase and a nearly 15% rise over the
past month. According to another prominent crypto analyst, Ali,
Ethereum could be on the verge of a significant rally. In a recent
post on X, Ali revealed that Ethereum has recently touched the
lower boundary of a channel, a level that has historically led to
an average 130% price surge. Related Reading: Crypto Watch:
Ethereum Poised for Upside Break! According to Ali, should this
pattern continue to hold, Ethereum could potentially climb to
$6,000 as long as it maintains its key support level of $2,300.
Every bounce off this channel’s lower boundary has historically led
to an average 130% price increase for #Ethereum. If this pattern
holds, a similar move could push $ETH to $6,000—provided the key
$2,300 support level stays intact. pic.twitter.com/CFpLrQWEih — Ali
(@ali_charts) October 14, 2024 So far, despite ETH’s market’s
volatility, the asset has managed to maintain its price above the
critical $2,300 support level, which lends credibility to the
theory that a bullish breakout could be on the way. Featured image
created with DALL-E, Chart from TradingView
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