{"id":426610,"date":"2020-06-08T23:00:36","date_gmt":"2020-06-08T23:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=426610"},"modified":"2020-06-08T15:50:40","modified_gmt":"2020-06-08T15:50:40","slug":"ethereum-open-interest-rebounds","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-open-interest-rebounds\/","title":{"rendered":"Ethereum Open Interest Rebounds as Analysts Eye an Explosive Upside Movement"},"content":{"rendered":"
Ethereum has seen some tempered gains overnight, recapturing its position within the $240 region as it shows some signs of technical strength.<\/p>\n
Today\u2019s climb has largely been the result of that seen by Bitcoin, as ETH has been closely tracking the benchmark cryptocurrency\u2019s price action over the past week.<\/p>\n
This has caused Ethereum\u2019s open interest<\/a> to rebound significantly over the past seven days, signaling that traders are taking positions in anticipation of it making a big near-term movement.<\/p>\n There is one technical pattern that suggests the cryptocurrency could be well-positioned to see some massive upside in the near-term \u2013 with one analyst offering an upside target sitting at $750.<\/p>\n In order for this strength to remain valid, traders are noting that it is imperative that the cryptocurrency remains above $217.<\/p>\n At the time of writing, Ethereum<\/a> is trading up just under 2% at its current price of $242, marking a large upswing from its recent lows of $235 that were set yesterday in tandem with BTC\u2019s decline to lows of $9,400.<\/p>\n ETH is now trading down marginally from its local highs of $255 that were set at the peak of its recent rally seen early last week.<\/p>\n Traders seem to be taking notice of the second largest cryptocurrency\u2019s strength, as its open interest has rebounded significantly over the past few days following a sharp decline seen last week.<\/p>\n This rebound can be clearly seen while looking towards the below chart<\/a> from Coinalyze, with Ethereum\u2019s aggregated open interest currently sitting at just below $700 million.<\/p>\nEthereum Open Interest Rebounds as It Maintains Above Key Support<\/strong><\/h2>\n