The price of Ethereum jumped after being stuck in a crisis for several weeks, helping him to obtain a certain domination of the market after reaching low records. The cryptography market began to bounce back after the US Treasury Secretary Scott Bessent said at a private meeting that trade between the United States and China could not last much longer. While ETH started to recover strongly, the whales began to become more active, which could lead to an increase in fluctuations in future prices.
Ethereum’s open interest exceeds 12%
Ethereum has experienced a strong increase in the last hours, earning more than 10% in just 24 hours. This sudden peak has also caused a significant increase in several chain measures.
According to Coinglass data, around $ 127 million in Ethereum positions have been liquidated in the last 24 hours. As a result, buyers lost around $ 34.2 million, while sellers were harder, closing $ 92.8 million in uncovered positions.
This sharp increase in prices followed the comments of former President Trump, who said that the American prices on Chinese products “will drop considerably”, and the Treasury Secretary Scott Bessent, who described the American-Chinese commercial dispute as “unbearable”, which suggested that a resolution could soon.
The bullish momentum also influenced the derivative market of Ethereum. Open interests (the total value of current derivative contracts) jumped 12%, reaching more than $ 21.5 billion. He reports the increase in investors’ interests and added hope to the recovery rally.
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In addition, the financing rates of perpetual term contracts have become positive, going from 0.0018% on April 21 to 0.0087%, which suggests that traders are more ready to bet on price increases.
The domination of the Ethereum market has also increased. On April 22, it fell at only 7%, the lowest level since September 2019, according to TradingView. But after the recent price leap, its market share rebounded and climbed above 7.5% by April 23.
Overall, the increase in open interests and positive financing rates show that more money flows on the market, increasing purchase pressure and possibly hold even higher prices.
What is the next step for the ETH price?
Ether (ETH) recovered after falling at around $ 1,500, and the sellers find it difficult to push it lower. Buyers intervened and pushed the price beyond certain significant levels of short-term resistance. Now ETH aims to stay above the $ 1,850 mark. Currently, it is negotiated at around $ 1,816, an 11% gain in the last 24 hours.
Technical indicators also seem good for buyers: mobile averages tend to increase and the RSI (relative force index) shows a positive momentum. If ETH can stay above $ 1,850, there is a good chance that it could make a passage to $ 2,000 soon. If this happens, it could even break in front of a larger resistance area around $ 2,500.
However, if the sellers want to regain control, they will have to push the price below the 20 -day mobile average (EMA20). If this level is broken, the price could fall to around $ 1,385, which is a key support area. The fall below could point out a short -term change in favor of bears.
