Ethereum Beats Bitcoin For The First Time In This Metric, What Does It Say About ETH’s Price?
2022年8月2日 - 12:35AM
NEWSBTC
Ethereum has been experiencing a slowdown in its bullish momentum
over the weekend. The cryptocurrency managed to break the critical
resistance at $1,700 but could re-test previous support levels
before reclaiming higher levels. According to Wu Blockchain,
Ethereum recently surpassed Bitcoin in terms of Open Interest (OI)
for options contracts. This metric stands at $5.6 billion as
opposed to BTC’s $4.3 billion. For the first time since the
inception of these products, ETH’s price beat BTC’s open interest.
As Wu Blockchain noted, most of the OI recorded for Ethereum option
contracts are calls (buy) concentrated on September 30 and December
30. Both of these dates are post-merge, a highly expected event for
Ethereum. “The Merge” has been tentatively set for mainnet by
September 9th. This event will complete ETH migration from a
Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus.
Players in the options market seem to be positioned to the upside
or hedging potentially short positions with other investment
products. A Different Perspective On The Price Of Ethereum Data
from Material Indicators accurately predicted the short-term
selling pressure with the potential for an increase in volatility
on yesterday’s essential daily, weekly, and monthly candle close.
These events often promote sudden moves in an asset’s price. As
seen below, Material Indicators’ Trend Precognition Indicator
flashed a short signal at yesterday’s daily close. This suggested
that Ethereum had a high chance of trending to the downside. This
short-term selling pressure coincided with technical resistance at
the 100-day moving average (DMA). This level swelled with an
increase in asks orders as the price of Ethereum trended to the
upside over the past two days. At the time of writing, ETH’s price
still records $13 million in asks (sell) orders at $1,700. This
suggests that this level will continue to operate as critical
resistance for the time being. This shift in momentum for ETH’s
price, as supported by Material Indicator’s trend precognition and
asks liquidity, might translate into more persistent downside price
action. As seen below, these analysts presented a possible bearish
scenario for Ethereum for the coming months. The fractal or price
forecast below shows ETH’s price might trend downwards until at
least October 2022. These models are highly unpredictable but it
could provide traders with clarity about the price direction in
high time frames. On the latter, analysts from Material Indicators
said the following highlighting how this data provides a different
take on the current ETH’s price narrative away from the migration
to a PoS consensus: I don’t recommend trading fractals or taking
them too literally as they can deviate in both price range and time
or invalidate anytime. That said… All of the above elements paint a
very compelling story for #ETH based purely on algos and TA without
any of the POW (Proof-of-Work) –> POS (Proof-of-Stake) chatter
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