{"id":556086,"date":"2023-10-19T15:00:46","date_gmt":"2023-10-19T15:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=556086"},"modified":"2023-10-20T08:29:39","modified_gmt":"2023-10-20T08:29:39","slug":"eth-impact-on-price-as-traders-ditch-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/eth-impact-on-price-as-traders-ditch-bitcoin\/","title":{"rendered":"ETH Price Watch: Impact On Price As Traders Ditch Bitcoin On Derivatives Market"},"content":{"rendered":"

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

ETH\u2019s OI Garners More Interest<\/strong><\/h2>\n

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.<\/span><\/p>\n

\"\"<\/p>\n

Bitcoin and Ethereum Open Interest. Source: FXStreet<\/small><\/pre>\n
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.<\/p>\n
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.<\/p>\n
These events underscore the cryptocurrency market’s sensitivity to news and rumors, emphasizing the importance of accurate information in this space.<\/p>\n
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.<\/p>\n
Related Reading: Bitcoin SV Climbs 22% \u2013 A Close Look At The Factors Behind The Surge<\/a><\/div>\n
<\/p>\n
ETH market cap currently at $187 billion. Chart: TradingView.com<\/a><\/pre>\n
Potential Price Impact And ETH Current Status<\/strong><\/h2>\n
At the time of writing, the <\/span>CoinGecko<\/span><\/a> 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.<\/span><\/p>\n
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.<\/span><\/p>\n
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.<\/span><\/p>\n
Related Reading: Dogecoin Next Move: Will $0.055 Launch A Recovery Phase?<\/a><\/div>\n
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 <\/span>major correction for Ethereum<\/span><\/a>.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Shutterstock<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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% \u2013 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 Shutterstock<\/p>\n","protected":false},"author":557,"featured_media":556211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,16163,1946,8686,89685,4735],"class_list":["post-556086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-eth-price","tag-ethereum","tag-ethusd","tag-opent-interest","tag-price-action"],"acf":[],"yoast_head":"\nETH: Impact On Price As Traders Ditch Bitcoin On Derivatives<\/title>\n<meta name=\"description\" content=\"Ether (ETH), the second-largest cryptocurrency by market capitalization, has been on a downward trajectory for the past three months. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"ETH Price Watch: Impact On Price As Traders Ditch Bitcoin On Derivatives Market","url":"http:\/\/wncen.com\/news\/eth-impact-on-price-as-traders-ditch-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/eth-impact-on-price-as-traders-ditch-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-63.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-63.png?fit=1298%2C726"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","eth price","ethereum","ethusd","opent interest","price action"],"dateCreated":"2023-10-19T15:00:46Z","datePublished":"2023-10-19T15:00:46Z","dateModified":"2023-10-20T08:29:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"ETH Price Watch: Impact On Price As Traders Ditch Bitcoin On Derivatives Market\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/eth-impact-on-price-as-traders-ditch-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/eth-impact-on-price-as-traders-ditch-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-63.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-63.png?fit=1298%2C726\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"eth price\",\"ethereum\",\"ethusd\",\"opent interest\",\"price action\"],\"dateCreated\":\"2023-10-19T15:00:46Z\",\"datePublished\":\"2023-10-19T15:00:46Z\",\"dateModified\":\"2023-10-20T08:29:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-63.png?fit=1298%2C726","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556086"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=556086"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/556211"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=556086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=556086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=556086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}