The Open Interest climbed from $9.2 billion to $9.46 billion in the past 24 hours as prices rose by 6%.also bounced by 5.8% during this time. However, the bulls were not yet dominant, and traders going long should be cautious.
The RSI has meandered about the neutral 50 mark over the past two weeks and signaled no clear trend in progress.The 30-day MVRV ratio was negative and reflected an undervalued asset. Its dominance circulation saw a large spike on 26th March, but was relatively quiet since. Hence, another wave of selling was not yet upon us.
The Social Dominance chart, which had been trending upward since February, plunged lower. This was a sign that social media engagement around Ethereum has waned considerably in recent weeks.
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