Ethereum Hits $2,250 as Open Interest Surges
Ethereum’s market value has reached $2,250, the highest in over 1.5 years. This surge aligns with an increase in Ethereum open interest and long positions, indicating a growing fear of missing out (FOMO) among investors. However, caution is advised as traders should avoid leveraging greedy positions.
Ethereum Open Interest Reaches $8.45 Billion
Ethereum’s open interest has surpassed $8 billion following a price rise above $2.2K. The last time open interest was this high was in November 2022. Notably, Binance, Bybit, and OKX recorded the major open interest data at $2.56 billion, $1.56 billion, and $1.32 billion respectively. As the price increased, traders began taking short positions.
Total Value Locked (TVL) of Ethereum Rises to $32 Billion
The Total Value Locked (TVL) of Ethereum has increased from $21 billion in October to $32 billion currently. Additionally, there has been significant whale movement on the Ethereum network. A trader recently sold 2,850 ETH valued at $6.35 million and pocketed approximately $457K.
Potential for ETH Price to Exceed $2.3K
Ethereum has experienced a bullish rally recently, with the price trading at $2,223.19 and showing a 3% increase in the past 24 hours and a 10% surge over the week. The Greed and Fear Index indicates a prevailing sense of greed among investors, suggesting a bullish market sentiment.
However, despite the rally, many Ethereum whales have withdrawn their stakes, resulting in a dominance of short positions over long positions.
Hot Take: Ethereum Continues to Surge, but Caution is Advised
Ethereum’s market value has reached its highest point in over 1.5 years, accompanied by a rise in open interest and long positions. This indicates growing FOMO among investors. However, traders should be cautious and avoid leveraging greedy positions. The Total Value Locked (TVL) of Ethereum has also significantly increased. While the current market sentiment is bullish, with the potential for ETH price to exceed $2.3K, it is important to note that many Ethereum whales have withdrawn their stakes. Overall, Ethereum’s surge presents opportunities but also potential risks.
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