{"id":604512,"date":"2024-04-23T00:00:26","date_gmt":"2024-04-23T00:00:26","guid":{"rendered":"https:\/\/ktsl888.com\/?p=604512"},"modified":"2024-04-23T00:00:45","modified_gmt":"2024-04-23T00:00:45","slug":"ethereum-fresh-move-soon-futures-data-says","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-fresh-move-soon-futures-data-says\/","title":{"rendered":"Ethereum To See Fresh Move Soon? What Futures Data Says"},"content":{"rendered":"

Data shows the Ethereum Open Interest has been trading at relatively low levels recently. Here’s what this could mean for the asset’s price.<\/p>\n

Ethereum Open Interest Has Been Moving Sideways Since Its Plunge<\/h2>\n

As explained by an analyst in a CryptoQuant Quicktake post<\/a>, the ETH Open Interest has followed a similar trajectory as the price of the cryptocurrency recently. The “Open Interest<\/a>” here refers to the total number of derivative-related contracts open for Ethereum on all exchanges.<\/p>\n

Related Reading: Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks<\/a><\/div>\n

When the value of this metric goes up, it means that investors are currently opening up new positions on these platforms. Generally, this kind of trend leads to an increase in the market’s total leverage, so the asset price could become more volatile.<\/p>\n

On the other hand, a decline in the indicator implies the investors are either closing up their positions of their own volition or getting forcibly liquidated by their platform. Such a drawdown may accompany violent price action, but once the drop is over, the market could become more stable due to the reduced leverage.<\/p>\n

Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric appears to have witnessed a sharp plunge recently | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Ethereum Open Interest registered a sharp drop earlier alongside the asset’s price. The plunge in the metric was naturally caused by the long contract holders being washed out in the price drawdown.<\/p>\n
As the price has mostly consolidated sideways since the decline, so has the value of the Open Interest. The quant notes,<\/p>\n
This alignment suggests a cooling down of activity within the futures market. Consequently, the market appears poised for the resurgence of either long or short positions, potentially initiating a fresh and decisive market movement in either direction.<\/p><\/blockquote>\n
Another indicator related to the derivative market that could be relevant for Ethereum’s future price action is the funding rate<\/a>. This metric tracks the periodic fees that derivative contract holders are currently paying each other.<\/p>\n
Related Reading: Bitcoin Mega Whales Are Buying, Time For Rally To Return?<\/a><\/div>\n
Positive funding rates imply that the long holders are paying the shorts a premium to hold onto their positions; hence, that bullish sentiment is dominant. Similarly, negative values suggest that a bearish sentiment is shared by the majority of the derivative traders.<\/p>\n
The chart below shows that the Ethereum funding rate has recently turned red.<\/p>\n
\"Ethereum<\/p>\n
The data for the ETH funding rates over the last few months | Source: CoinGlass<\/a><\/pre>\n
Historically, the market has been more likely to move against the opinion of the majority, so the fact that the funding rate has flipped negative may be a good sign for the chances of any potential uptrends to start.<\/p>\n
ETH Price<\/h2>\n
Ethereum has gradually increased over the last few days, as its price has now reached $3,200.<\/p>\n
\"Ethereum<\/p>\n
Looks like the value of the coin has gone up a bit over the past few days | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, CoinGlass.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Ethereum Open Interest has been trading at relatively low levels recently. Here’s what this could mean for the asset’s price. Ethereum Open Interest Has Been Moving Sideways Since Its Plunge As explained by an analyst in a CryptoQuant Quicktake post, the ETH Open Interest has followed a similar trajectory as the price of the cryptocurrency recently. The “Open Interest” here refers to the total number of derivative-related contracts open for Ethereum on all exchanges. Related Reading: Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks When the value of this metric goes up, it means that investors are currently opening up new positions on these platforms. Generally, this kind of trend leads to an increase in the market’s total leverage, so the asset price could become more volatile. On the other hand, a decline in the indicator implies the investors are either closing up their positions of their own volition or getting forcibly liquidated by their platform. Such a drawdown may accompany violent price action, but once the drop is over, the market could become more stable due to the reduced leverage. Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few months: The value of the metric appears to have witnessed a sharp plunge recently | Source: CryptoQuant As displayed in the above graph, the Ethereum Open Interest registered a sharp drop earlier alongside the asset’s price. The plunge in the metric was naturally caused by the long contract holders being washed out in the price drawdown. As the price has mostly consolidated sideways since the decline, so has the value of the Open Interest. The quant notes, This alignment suggests a cooling down of activity within the futures market. Consequently, the market appears poised for the resurgence of either long or short positions, potentially initiating a fresh and decisive market movement in either direction. Another indicator related to the derivative market that could be relevant for Ethereum’s future price action is the funding rate. This metric tracks the periodic fees that derivative contract holders are currently paying each other. Related Reading: Bitcoin Mega Whales Are Buying, Time For Rally To Return? Positive funding rates imply that the long holders are paying the shorts a premium to hold onto their positions; hence, that bullish sentiment is dominant. Similarly, negative values suggest that a bearish sentiment is shared by the majority of the derivative traders. The chart below shows that the Ethereum funding rate has recently turned red. The data for the ETH funding rates over the last few months | Source: CoinGlass Historically, the market has been more likely to move against the opinion of the majority, so the fact that the funding rate has flipped negative may be a good sign for the chances of any potential uptrends to start. ETH Price Ethereum has gradually increased over the last few days, as its price has now reached $3,200. Looks like the value of the coin has gone up a bit over the past few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, CoinGlass.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":604528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,92140,14990,92141,86497,87134,8686],"class_list":["post-604512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-derivatives","tag-ethereum-futures","tag-ethereum-move","tag-ethereum-open-interest","tag-ethereum-rally","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum To See Fresh Move Soon? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum To See Fresh Move Soon? 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