ETH Open Interest Reset: Largest Decline Since 2024 Indicates Potential Bullish Recovery
Ethereum Open Interest Drop: Ethereum's open interest (OI) fell by over $5 billion, marking the largest reset since early 2024, with Binance alone accounting for a $3 billion drop on September 23, coinciding with an 11% price decline.
Institutional Accumulation Signals: Despite the market reset, there were record inflows of 1.2 million ETH into accumulator addresses, indicating strong institutional buying interest as exchange reserves hit a low of 16.5 million ETH.
Historical Patterns Indicate Potential Rally: Historical data suggests that such OI resets often precede significant price rallies, with Ethereum potentially eyeing a rebound towards $4,000, similar to past patterns following major flushes.
Market Sentiment Shift: The current market sentiment is shifting from fear to cautious optimism, supported by Ethereum's structural upgrades and substantial ETF inflows, setting the stage for a potential price recovery.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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