Ethereum, the largest altcoin by market value, received ETF approval with the strong support of traditional finance giants. However, despite the ETF approval, it could not experience the expected rise after the passage of time. So BTC Could the decline benefit Ether this time? What are the current predictions?
Ethereum (ETH)
On August 26th BTC The size of open interest in futures for was over $12 billion. At the time of writing, it fell to $11.55 billion. Roughly half a billion dollars worth of BTC positions were closed during the volatility in the last 24 hours. But the situation is a little different for Ethereum. The size of open interest, which was $5.25 billion yesterday, climbed to $5.38 billion today. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The increase in OI means that investors are moving more liquidity to Ether. The increased interest here, along with the BTC decline, could mean that investors are choosing BTC over Ether in hopes of greater returns.
When the order books of 20 exchanges are examined via IntoTheBlock, we see that buyer liquidity for ETH is also strengthening in spot markets. Buyer interest exceeding seller volume here, combined with the distortion in futures ETH He says its price could outperform BTC.
Moreover, similar to the BTC ETF process, there is enough time after the listing for the ETH ETF. This could cause the ETH price to increase with a repeat of the historical event.
ETH Price Prediction
Declining from $3,392 to $2,109 ETH price has experienced a sharp downtrend. The consolidation in recent weeks has been a nightmare for the market as a whole. The key point to watch for ETH is the key support at $2,556. This level is also below the fair value of $2,647 according to the CCI. The current price is also below the fair value and is stalled at $2,579.
CCI for certain periods altcoins measures the average price and determines whether the relevant cryptocurrency is overvalued, normal or cheap. Here is a signal in favor of ETH bulls. This was the third important detail that supported the optimistic outlook.
If buyers become more aggressive in spot markets, $2,810 could be breached again, where we will expect a movement to begin targeting $3,000 and $3,360 again. However, details such as the resumption of deflation, the generally boring third quarter, and the negative divergence of crypto in risk markets make it difficult to be sure of the rise.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
