After a slight recovery on Tuesday to the threshold of $ 1600, ethereumIts price faced remarkable resistance, which led to a sudden collapse to $ 1450. ETH’s continuous performance this year’s effect on the condemnation of investors in the market, which led to great pressure in the sale in the past few weeks.
The homosexuality is growing towards ETHEREUM on Binance
ETHEREUM’s declining feelings increased in the exchange of encryption, especially in Binance, the largest exchange of cryptocurrencies in the world. Audit and expert on the series in Cryptoquant, Darkfost, open Open interest (OI) on Binance still sees a steady decrease.
The constant decrease in open interest indicates the exchange of encryption to this EthThe derivative market cools. It also reflects the increasing caution between investors and merchants with altcoin battles to maintain its upscale momentum.
The most prominent Darkfost that Open attention On Binance still decreases without stopping and now changes under an average 365 Simple Moving (SMA). This movement indicates that speculative activity is declining as investors may wait for more signals before returning to the market.
After reaching its highest level of $ 7.78 billion in December, the open interest on Binance decreased by about 50 % between December and April, providing nearly $ 4 billion during this period. The graph shows that the open interest of ETH on Binance is now estimated at $ 3.1 billion, indicating a tremendous transformation in investor morale on the platform.
According to an expert in the series, Ethereum price I have been greatly affected by this sharp decline, and there are no indications that the continuous declining trend will stop anytime soon. Moreover, it reflects the size of modern liquidation as well as the increasing aversion to risk among investors.
If this trend continues, Darkfost pointed out that “the price of Ethereum is still far from entering a period of stability.” Thus, Darkfost urged merchants to monitor Investors behavior on BinanceWhich is still a valuable indication because the largest trade sizes throughout the market are taken regularly by the encryption platform.
ETH is ready for a huge rise to its highest level ever
With ETH’s open interest on the largest Encryption The market is very volatile, and this raises concerns about price stability. However, many encryption analysts are confident that recovery can be on the horizon, which is likely to pushed tukin towards high levels of again.
Market and merchant expert MilkyBull Crypto subscriber Published on the X platform, which shows the capabilities of Ethereum greatly in the coming weeks. At the time of the post, ETH was trading at $ 1585, and the expert stated that Altcoin usually represented Macro bottom At this level. If this level is steadfast, Milkybull expects a large gathering, putting his next goal in a $ 10,000 teacher.
Distinctive image from Unsplash, Chart from TradingView.com
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