Cryptocurrency service provider Matrixport released an analysis indicating that traders are starting to prepare for a possible rally in Ethereum, as evidenced by increases in both open interest and the funding rate.
With Ethereum prices currently at relatively low levels, accumulating the cryptocurrency while much of the market’s attention is on Solana-based memecoins may offer a compelling value opportunity. As a result, futures traders are adjusting their strategies to take advantage of this anticipated upward movement.
Bitcoin Surges Past $67,000, While Altcoins Struggle
As of the current writing, Ethereum is trading at $2,611, experiencing a decline of over 0.04% in the last 24 hours. The coin reached an intraday low of $2,542 and a high of $2,679, indicating volatility, with its price primarily in the red throughout the day. Ethereum’s market capitalization stands at $314.76 billion.
The price of ETH increased by 9.4% between October 10th and October 15th, climbing to its highest point in two weeks at $2,687. Nevertheless, despite these recent gains, the price is still down 25% over the past three months, highlighting ongoing volatility in the cryptocurrency market.
According to SoSoValue data, spot Ethereum exchange-traded funds (ETFs) saw outflows of $12.70 million over the past day, reflecting the coin’s erratic price movements.
In comparison, Solana is currently trading at $154, down by over 0.57% in the past day, with an intraday low of $151 and a high of $158. At this time, Solana’s market cap is recorded at $72.57 billion.
While Bitcoin has surpassed the $67,000 mark today, marking a gain in the past 24 hours, Ethereum, Solana, and other altcoins remain in the red. Conversely, the global cryptocurrency market cap has risen by 0.86%, reaching $2.31 trillion. Additionally, total market volume increased by 21.98% from yesterday, totaling $107.56 billion, according to CoinMarketCap data.
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