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After a slight rebound Tuesday at the threshold of $ 1,600, EthereumThe price was faced with a notable resistance, which led to a sudden break at $ 1,450. ETH’s low persistent performance this year has had an impact on the conviction of investors on the market, triggering significant sales pressure in recent weeks.
The lowered feeling towards Ethereum has increased in crypto exchanges, in particular on Binance, the greatest exchange of cryptocurrency in the world. Verified author and chain expert for cryptocurrency, dark, revealed This open interest in ETH (OI) on Binance continues to see a constant decline.
The persistent decrease in the interest opened on the exchange of crypto indicates that EthnThe derivative market is cooling. It also reflects increasing prudence between investors and traders while the Altcoin battles to maintain its bullish momentum.
Darkfost showed that the open interest On Binance continues to drop without stopping and now changes under its simple mobile average (SMA). This movement implies that speculative activity is receding while investors could wait more certain signals before making an energetic return to the market.
After reaching a summit of $ 7.78 billion in December, the interest opened in Binance decreased by almost 50% between December and April, annihilating almost $ 4 billion during the period. The graph shows that ETH’s open interest is now valued at $ 3.1 billion, suggesting a massive change in the feeling of investors on the platform.
According to the channel expert, The price of Ethereum has been significantly affected by this clear drop, and there is no indication that the continuous downward trend will stop anytime soon. In addition, it reflects the magnitude of recent liquidations as well as an increased risk aversion among investors.
In the event that the trend continues, Darkfost noted that “the price of Ethereum is still far from entering a period of stability”. Thus, Darkfost urged traders to monitor Investor behavior on the Binancewhich remains a precious indicator because the largest commercial volumes across the market are regularly captured by the cryptographic platform.
With the open interest of ETH decreasing on the largest Crypto exchange And the extremely volatile market, this raises concerns about its price stability. Nevertheless, many cryptographic analysts are convinced that a rebound could be on the horizon, which is likely to push Altcoin to new heights.
Market expert and Milkybull Crypto trader common An article on the X platform, describing Ethereum’s potential to increase considerably in the coming weeks. At the time of the post, ETH was negotiated at $ 1,585 and the expert said that the Altcoin generally marks a macro down at this level. If this level was held, Milkybull plans a huge rally, putting its next target in the milestone of $ 10,000.
Felash star image, tradingView.com graphic
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