Ethereum’s price has failed to break above the $4,000 resistance level once more and is yet to create a new all-time high.
Yet, if the $3,500 level is broken to the downside, the market will most likely move quickly toward the $3,000 support zone and the 200-day moving average nearby. So, the direction of the upcoming move depends on the direction of the potential breakout from this pattern. This chart demonstrates the Ethereum open interest on all exchanges, which is the value of all futures contracts. High values typically lead to volatility due to potential liquidation cascades.
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