Over the last few weeks, both Bitcoin and Ethereum have seen an interesting wave of price action with high volatility. Naturally, this volatility has spurred a wave of trading as crypto traders see this as a time of opportunity due to the 0 result of this has been a rapid rise in the open interest of both Bitcoin and Ethereum during this 1 this, on its own, is significant, looking at the previous performances, it could suggest where the Bitcoin and Ethereum prices are headed 2 And Ethereum Open Interest Remain Very High Toward the end of the month of August, the Ethereum price began rising rapidly, fueled by large buys from Ethereum treasury companies such as Bitmine and 3 push would eventually see the Ethereum price reach a brand new all-time high, beating out its $4,800 peak from 2021 after climbing above $4,950.
Related Reading: Shiba Inu Descending Channel Breakout Shows Where Price Is Headed Next In the same vein, the open interest had risen rapidly, and this metric, too, rose to new all-time 4 August 23, amid the frenzy, the Ethereum open interest climbed above $70 billion for the first time in history, marking a major 5 then, the Ethereum open interest has 6 it is still sitting above $55 billion at the time of this writing, suggesting that interest in the altcoin is still 7 the Bitcoin open interest did not hit new peaks in the month of August like Ethereum, it also remained at very high 8 from Coinglass shows that the Bitcoin open interest is still averaging at a high $80 billion, still close to the $86 billion all-time high that was recorded back in 9 The Open Interest At ATHs Could Mean Looking at previous performances when the Bitcoin and Ethereum open interest have been at all-time high levels, there is usually a period of consolidation that follows, especially as price 10 was seen after the first all-time highs of the year back in February, which was followed by a few months of 11 Reading: Ethereum price Crash To $4,081: Why The Bears Are In Charge Then again, the peaks in June were followed by short consolidations, which ended in 12 then, another consolidation before the open interest started to rebound in 13 shows that the period of consolidation is not always long, but at the end of it is always another rise in open interest that coincides with a rise in 14 here, if the Bitcoin and Ethereum open interest were to hit new peaks, it would probably mean that their prices are ready to hit new highs as 15 the trend of the last few months, the open interest could start to pick up again toward the end of September, propelled forward by price 16 image from Dall.
E, chart from 17
Story Tags
Latest news and analysis from NewsBTC
