Ethereum: Is ETH’s hike making traders take riskier bets?

📆 2/20/2024 11:36 PM
📰 CryptoAmb

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Ethereum has trended upward over the past three months, and the Open Interest rose to March 2022 highs to signal speculator conviction.

broke out past the $2.6k resistance that the sellers defended since mid-January. The recent uptrend saw a massive uptick in the Open Interest behind Ethereum.noted large increases in the OI. For ETH, the last time the OI was at $5.4 billion was back in March 2022.underlined the bullish sentiment behind ETH on the 12-hour chart. It also noted that a retracement to the range highs at $2.6k would present a buying opportunity.

Yet, the supply distribution chart above showed that addresses holding any amount of Ethereum from 0 to 10 million have been selling over the past three months.

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