Ethereum's Bullish Momentum: Record Open Interest and Price Surge
TL;DR Summary
Ethereum's open interest has reached a record high of over $17 billion, indicating increased trader activity and potential market optimism. However, historical patterns suggest that such spikes in open interest often precede price corrections, as seen in past instances. While Ethereum's exchange reserves and stochastic indicators hint at potential selling pressure, the Relative Strength Index (RSI) suggests there may still be room for upward movement. If a correction occurs, Ethereum's price could drop to around $3.38k.
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