ETH Price Watch: Impact On Price As Traders Ditch Bitcoin On Derivatives Market

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin SV	BSVUSD	Crypto	870,895,944	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin SV

BSVUSD

Crypto

870,895,944

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.250107	-0.56%	44.45	44.39	44.45

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.250107

-0.56%

44.45

44.39

44.45

High Price	Low Price	Open Price	Prev. Close	52 Week Range
44.79	43.58	44.70	44.70	26.07 - 1,064.91

High Price

Low Price

Open Price

Prev. Close

52 Week Range

44.79

43.58

44.70

26.07 - 1,064.91

Exchange	Last Trade	Size	Trade Price	Currency
OKEX	13:10:04	0.739000	44.42	USD

Exchange

Last Trade

Size

Trade Price

Currency

OKEX

13:10:04

0.739000

44.42

USD

Price x Volume	Volume	Base Symbol	Related Pairs
25,589.62	573.58	BSV	BSVEUR	BSVGBP	BSVBTC

Price x Volume

Volume

Base Symbol

Related Pairs

25,589.62

573.58

ETH Price Watch: Impact On Price As Traders Ditch Bitcoin On Derivatives Market

19/10/2023 4:00pm

NEWSBTC

Ether (ETH), the second-largest cryptocurrency by market capitalization, has been on a downward trajectory for the past three months. Despite a brief fake-out rally, ETH has struggled to regain its footing in the crypto market. The recent rally, though short-lived, has brought about interesting developments in the derivatives market. While Bitcoin’s open interest (OI) witnessed a significant drop, Ethereum saw an increase in its OI. Open interest, often abbreviated as OI, is a crucial metric in the world of cryptocurrency derivatives. It represents the total value of outstanding contracts in the market. In simpler terms, it measures the amount of money traders have invested in futures or options contracts for a specific cryptocurrency. ETH’s OI Garners More Interest As of October, the crypto derivatives market has depicted an intriguing scenario. Bitcoin’s OI has been hovering around $6 billion, while Ethereum’s stands at $2.8 billion. Although ETH has not surpassed BTC in terms of open interest, it has certainly garnered more attention and interest. Bitcoin and Ethereum Open Interest. Source: FXStreet A recent fake rally in Bitcoin’s price, triggered by false reports of an approved spot Bitcoin ETF, had a substantial impact on the cryptocurrency market. Bitcoin’s Open Interest (OI) declined by more than $270 million, decreasing to $5.7 billion as investors reacted to the misleading information. On the other hand, Ethereum’s OI increased by over $93 million, reaching $2.8 billion during the same period, highlighting its resilience in the face of market volatility. These events underscore the cryptocurrency market’s sensitivity to news and rumors, emphasizing the importance of accurate information in this space. Furthermore, the contrasting trajectories of Bitcoin and Ethereum’s OI showcase Ethereum’s ability to attract renewed investor interest and maintain stability, solidifying its position as a prominent and enduring cryptocurrency in the market. Related Reading: Bitcoin SV Climbs 22% – A Close Look At The Factors Behind The Surge ETH market cap currently at $187 billion. Chart: TradingView.com Potential Price Impact And ETH Current Status At the time of writing, the CoinGecko price for Ethereum is $1,548. It’s noteworthy that ETH has experienced a 1.9% dip in the past 24 hours and a 0.6% loss over the past week. Analyzing the daily price chart, Ethereum’s price action is characterized by a rising wedge formation. This formation serves as a key determinant of ETH’s short-term trajectory. As long as the trendlines defining this pattern remain intact, there’s potential for the coin to serve as a dynamic support zone for buyers during market corrections. Related Reading: Dogecoin Next Move: Will $0.055 Launch A Recovery Phase? However, a more pessimistic scenario looms in the event of a breakdown below the lower boundary of this wedge, which could signal the onset of a major correction for Ethereum. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BSVUSD Bitcoin SV