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Ethereum

Ethereum Traders Pulling Back? ETH’s Open Interest On Binance Sees Continued Decline

Godspower Owie
by Godspower Owie
5 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After a slight rebound on Tuesday to the $1,600 threshold, Ethereum‘s price was faced with notable resistance, which led to a sudden breakdown to $1,450. ETH’s persistent weak performance this year has impacted investor conviction in the market, triggering significant selling pressure in the past few weeks.

Bearish Sentiment Toward Ethereum Grows On Binance

The bearish sentiment toward Ethereum has increased in crypto exchanges, especially on Binance, the world’s largest cryptocurrency exchange. Verified author and on-chain expert for CryptoQuant, Darkfost, revealed that ETH’s Open Interest (OI) on Binance continues to see a steady decline.

Related Reading: Ethereum Bears Loses Steam On Binance As Selling Pressure Weakens, Bulls Eyeing A Recovery?

The persistent drop in open interest on the crypto exchange indicates that ETH‘s derivatives market is cooling down. It also reflects rising caution among investors and traders as the altcoin battles to sustain its bullish momentum.

Darkfost highlighted that the open interest on Binance continues to drop without stopping and is now changing under its 365 Simple Moving Average (SMA). This movement implies that speculative activity is pulling back as investors might be waiting for more certain signals before making a forceful comeback to the market.

Ethereum
ETH traders on Binance turning bearish | Source: Darkfost on X

After hitting an all-time high of $7.78 billion in December, the open interest on Binance has decreased by almost 50% between December and April, wiping out nearly $4 billion within the period. The chart shows that ETH’s open interest on Binance is now valued at $3.1 billion, suggesting a massive shift in investor sentiment on the platform.

According to the on-chain expert, Ethereum’s price has been significantly impacted by this sharp drop, and there are no indications that the ongoing downward trend will be stopping anytime soon. Furthermore, it reflects the magnitude of recent liquidations as well as a heightened aversion to risk among investors.

In the event that the trend continues, Darkfost noted that “Ethereum’s price is still far from entering a period of stability.” Thus, Darkfost has urged traders to monitor investors’ behavior on Binance, which remains a valuable indicator since the largest trade volumes across the market are regularly captured by the crypto platform.

ETH Is Poised For A Massive Upswing To New All-Time Highs

With ETH’s open interest decreasing on the largest crypto exchange and the market extremely volatile, this raises concerns about its price stability. Nonetheless, many crypto analysts are confident that a rebound could be on the horizon, which is likely to push the altcoin toward new highs.

Related Reading: Crypto Pundit Says Ethereum Price Is ‘Destined’ To Reach $10,000 This Cycle, Here’s Why

Market expert and trader Milkybull Crypto shared a post on the X platform, outlining Ethereum’s potential to surge significantly in the upcoming weeks. At the time of the post, ETH was trading at $1,585, and the expert stated that the altcoin typically marks a macro bottom at this level. Should this level hold, Milkybull anticipates a huge rally, putting his next target at the $10,000 milestone.

Ethereum
ETH trading at $1,481 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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