The chain data reveals renewed interest and accumulation, suggesting that open out -out sellers could continue to undergo losses if the Ethereum course was maintained.
ETH exceeds $ 4,000 thanks to a new purchase
The increase in the new application for ETH last week increased its price by 18 %. This high shopping momentum and a better market feeling yesterday culminated in a passage of $ 4,000, causing liquidation between sellers openly.
Coinglass’s data reveal that short locations in the last 24 hours have been $ 184 million, while long -term liquidation remains relatively modest, approximately $ 24 million.
This well illustrates the intensity of the shorts of shorts while the traders are in a hurry to cover their positions in the middle of the course rally.
However, the chain data suggest that this group of investors could undergo further losses in the future, and ETH is ready to climb even higher.
For example, open interest in the future of ETH has increased with the price and signaled high market participation. At the time of writing, this interest is $ 51.61 billion, which is 10 % in the last 24 hours.
We remind you that open interest in the asset measures the total number of term contracts or market opportunities on the market. When the price of the asset and its open interest raises at the same time, it suggests a strong belief between traders that the current trend will continue.
This suggests that more investors actively occupy new positions and have confidence in current price dynamics.
Moreover, the renewed institutional interest strengthens this ascending perspective. According to SOSVALUE, this week, this week, the renewed contributions to the funds negotiated on the stock market (ETF) supported ETH have been recorded as market feelings are improving.
Between 4 and 8 August, these funds recorded records of a total of $ 326.83 million.
The new wave of institutional capital shows the renewed trust of the main investors and provides a large layer of support that could support the ascending trajectory of the short -term ETH.
Ethereum maintains support to $ 3,909; Another target for $ 430
When writing this article, ETH is negotiated to $ 4,160, now the newly introduced support level, nearly $ 3,909. If this support is strengthened and purchasing momentum increases, the price of ETH could start the assembly to $ 4,430, which potentially tests and exceeds this resistance.
Successful breakthrough could open the path of ETH to find a historic summit $ 4,827.
On the other hand, if the shopping pressure weakens, ETH can lose its momentum and turn your current trend up. The inability to maintain a support of $ 3,909 could lead to a price drop to $ 340.
Morality of History: ETH $ 5,000 is just a reality of the future.
Notification of irresponsibility
Notice of irresponsibility: In accordance with the Trust project Directives, this article for price analysis is intended only for information purposes and must not be considered financial or investment advice. Beincrypto undertakes to provide accurate and impartial information, but market conditions may change without prior notice. Always carry out your own research before making any financial decision and consult a professional.