Despite the recent volatility and huge sell off, ETH has continued to show its resilience, posting a daily gain of over 5.3%. This recovery contributes to an impressive weekly increase of 13.2%, underscoring the market’s current bullish momentum.
If this trend continues, it could increase buying pressure on ETH, suggesting that market participants are now leaning towards buying more rather than selling. Also, the open Interest on Ethereum hits a bullish peak, exceeding $22B, the highest in two years. This surge suggested a growing number of long derivative contracts, signaling optimism for a potential price increase.
For now, the market sentiment seems divided. On the bearish side, $50M in long positions were liquidated, reflecting significant losses as the market moved against bullish traders, a clear sign of selling pressure. But buying pressure from ETF giants and upcoming macroeconomic factors can derive its value higher.
As of now, at the time of writing this article, ETH is trading around $3,520 and has seen a growth in its price by 5.3% in the last 24 hours and a huge jump of 5.26% in its market capitalization which now makes it to $425 Billion.