Is Ethereum set for a comeback after $3.7k rejection? Metrics suggest…

The drop in Open Interest combined with the price trajectory of the past weeks showed that a downtrend was possible for ETH.was trading at $3.2k at press time. The $3k psychological level was breached multiple times since the 13th of April on the lower timeframes, and sentiment behind the altcoin king has weakened considerably.

Yet, with $3k defended on the higher timeframes, there was also the possibility of a resurgence for the bulls. AMBCrypto investigated on-chain metrics to understand which path is more likely.During the previous bull run, in mid-February 2021, the price of Ethereum corrected from $1.9k to $1.4k. It was followed by a V-reversal, but it showed that there are many times when the futures market gets overheated.

The drop in OI from $10 billion to $7.17 billion in April was likely one more such reset. It is unclear whether a similar V-reversal would commence, given the selling pressure behind Bitcoin also in recent weeks.The weighted social sentiment had been strongly positive in February and for a couple of days in mid-March. Since then, it has been negative for the most part as prices entered a correction. The sentiment before the price peak could also revolve around the high gas fees on the network.

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