Investors have been purchasing Ethereum with the recent dip, leading to a 24% increase in value over the last 30 days to $2,030 on Monday. Data from CoinGecko reveals that Ether’s market value jumped by 72% in 12 months.
What Could Stability Above $2k Mean For Ethereum Price
Bulls pushed Ethereum to trade above $2,000, with the market narrative shifting after the pullback to $1,900. Keeping Ethereum’s price above $2,000 will benefit the bulls, especially with the potential rise to $3,000 on the horizon.
Relative Strength Index (RSI) could have encouraged traders to close their positions, although it’s increasingly signaling a bullish outlook. Ethereum price has high chances of clearing resistance at $2,130, backed by the On-Balance Volume (OBV) indicator revealing investor interest growth.
Ethereum Open Interest Expands To $6.7B
Ethereum futures market open interest (OI) has grown. According to data by Coinglass, the Ether OI holds at $6.7 billion, which is considered bullish for the cryptocurrency’s uptrend.
The decentralized finance (DeFi) market further validates the bullish thesis associated with Ethereum, with the total value locked (TVL) increasing to $25.6 billion.
Hot Take: Ethereum’s Steady Rise Signals Bullish Outlook
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