{"id":123573,"date":"2023-07-17T15:10:37","date_gmt":"2023-07-17T15:10:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/ethereum-price-momentum-builds-with-climbing-open-interest-will-bulls-rally-crypto-news\/"},"modified":"2023-07-17T15:10:40","modified_gmt":"2023-07-17T15:10:40","slug":"ethereum-price-momentum-builds-with-climbing-open-interest-will-bulls-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-momentum-builds-with-climbing-open-interest-will-bulls-rally-crypto-news\/","title":{"rendered":"Ethereum Price Momentum Builds With Climbing Open Interest, Will Bulls Rally?\n – Crypto News"},"content":{"rendered":"

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Ethereum price wobbles 0.8% while exchanging hands at $1,915 on Monday. The second-largest crypto battled an aggressive take-profit drive over the weekend, with ETH sliding from almost a three-month high achieved last week at $2,015.<\/p>\n

Traders cannot ignore the overhanging danger of a pullback below. Ethereum prices<\/a> immediate support at $1,900, especially with Bitcoin price delicately holding onto a high cliff’s edge<\/a>reinforced by the buyer congestion at $30,000.<\/p>\n

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A Minor Pullback But Open Interest Is Climbing<\/h2>\n

Based on live data from Coinglass, a platform for tracking the crypto derivatives market, the Ethereum open interest is up by 0.98% to $6.26. Traders saw $10.48 million of 24-hour liquidations, with $8.19 million in longs and $2.28 million in shorts.<\/p>\n

Notably, rising open interest indicates that new money is entering the Ethereum market<\/a> and that there is more interest and activity in the derivative contracts. It also implies that there is more liquidity and diversity in the market, as more traders are willing to take different positions and opinions.<\/p>\n

Therefore, if Ethereum holds the short-term support at $1,900<\/a> and the open interest maintains a positive outlook, bullish momentum would build up, thus creating a suitable environment for a breakout.<\/p>\n

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However, caution is often advised if the price of the underlying asset, ETH in this case, is falling and the open interest is also rising. This suggests that there is a strong bearish trend and that more traders are opening short positions or closing long positions.<\/p>\n

It is a negative sign for Ethereum and may indicate further price depreciation.<\/p>\n