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Shiba Inu
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$100,562.00 5.77689
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BNB
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$705.18 6.5114
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Solana
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$228.69 9.51235
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XRP
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Shiba Inu
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Pepe
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$0.0000249 8.07996
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Bonk
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dogwifhat
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BNB
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$705.18 6.5114
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Solana
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$228.69 9.51235
Solana price
XRP
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$2.42 20.042
XRP price
Shiba Inu
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$0.0000289 14.78204
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Pepe
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$0.0000249 8.07996
Pepe price
Bonk
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$0.0000396 15.64007
Bonk price
dogwifhat
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$3.06 9.04997
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Popcat
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$1.26 15.45098
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ETH Options Open Interest Surpasses BTC’s as Bitcoin Goes Below $24K

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ETH Options Open Interest Surpasses BTC’s as Bitcoin Goes Below $24K

According to Glassnode data, the open interest of Deribit Ethereum Options with a notional value of $5.6 billion exceeded the open interest of Bitcoin Options, which stood at about $4.3 billion, for the first time in history. 

Ethereum Options Open Interest 

The recent slowdown in Ethereum’s bullish momentum has caused it to question its previous support levels. It could then test its previous resistance at $1,700 before it can reclaim its higher ground.

According to Wu Blockchain, open interest (OI) in Ethereum options contracts has exceeded that of Bitcoin. This metric shows a significant difference between the two cryptocurrencies’ total assets.

For the first time since its inception, the open interest in Ethereum’s various blockchain products exceeded that of Bitcoin. According to Wu, most of the OI for the platform’s options contracts is concentrated on December 30 and September 30.

The two dates are considered to be important events for Ethereum. They are both after the merge event, which is expected to happen on September 9. This will complete the migration of the digital currency from a Proof-of-Work consensus to a Proof-of-Stake consensus. Some players are positioning themselves in the options market to profit from the potential upside.

Ethereum’s Price From A Different Perspective

According to the data collected by Material Indicators, the analysts accurately predicted the short-term selling pressure. It also indicated that the weekly, daily, and monthly candle close could increase volatility. These events can trigger sudden moves in an asset’s price.

The Trend Precognition Indicator of Material Indicators showed a short signal on Ethereum’s daily close on Monday. This move indicated that the cryptocurrency had a high chance of falling. Notably, the selling pressure triggered by the 100-day moving average (DMA) was triggered by the price of Ethereum rising to the upside over the past couple of days. This level acted as a trigger for increased ask orders.

Despite the price decline, the ETH’s asking (sell) orders have remained at around $13 million. It suggests that the resistance level at $1,700 will continue to hold. 

ETH could fall further due to the increased selling pressure and the lack of liquidity. According to analysts, the cryptocurrency could face more downside price action in the coming months.

The price forecast provided by the computer model known as a fractal suggests that the price of Ethereum could fall to around $1,700 by October 2022. This unpredictable model could give traders a clearer view of the market’s direction.

Are Bitcoins on a Roll?

The last week has seen Bitcoin’s recover. One of the main factors that contributed to its rise was the announcement that the US was in a recession, which caused people to park their money in cryptocurrencies. Bitcoin also provided a hedge against inflation, which triggered a massive accumulation trend.

Bitcoin broke several important technical levels during the last 24 hours. The digital asset price has also risen steadily over the last few days. However, it will likely fall back in the next few days.

Bitcoin has seen its 3rd straight daily red close. Although this is not alarming, it does speak to the current state of the digital asset’s performance. It’s also not surprising given that the market is in a bear market.

If the current rally does not last, the bitcoin price will likely fall more than it did during its recent recovery. A failure to hold this rally could cause the cryptocurrency to return to its $20,000 mark.

Although Bitcoin has been supported at the same level, it is still unsurprising that the market would still need more buying pressure to push it higher. However, as investors rush to profit from the recent recovery, they might focus on shorting the market.