As the king of altcoins, Ethereum [ETH], inches towards the $3.7k mark, it has reached a remarkable milestone.
, inches towards the $3.7k mark, it has reached a remarkable milestone. One of ETH’s key derivatives metrics has reached an all-time high. But is this a bullish signal, or will it have a negative impact on ETH’s price action?Ethereum’s Open Interest has reached an all-time high of over $17 billion. An increase in OI means that more traders are entering positions in a futures or options contract, and more money is likely entering the market.
Such episodes happened in November 2021 and June 2024. On both of these occasions, the spike in OI somewhat marked a market top.To check whether ETH was at its market top, AMBCrypto dug deeper into the token’s on-chain data. As per our analysis of CryptoQuant’sAdditionally, its stochastic was also in the overbought zone, hinting at a rise if sell-offs, which often results in price corrections.
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