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| Last updated: November 12, 2023
- ETH quickly fluctuated between $1,900 and $1,800
- Nearly $400 million in Open Interest (OI) was wiped out as the price fell below $1,900
The crypto market had a volatile weekend with Ethereum [ETH] faced his fair share of ups and downs.
ETH crosses $1,900 but later slips
The king of altcoins reached the $1,900 level for the first time since July, according to this report CoinMarketCap. This, after the crypto quickly fluctuated between $1,900 and $1,800 on Sunday.
However, it failed to maintain this psychologically important level. ETH dropped steadily from $1,900, with the crypto priced at $1,879 at the time of writing.
Source: CoinMarketCap
That said, Ethereum has made strong progress recently. It performed excellently Bitcoin [BTC] in weekly profit. While the king coin rose in value by 1.98% over the past seven days, ETH rose by more than 5%.
Open interest falls sharply
The period of volatility shook ETH’s derivatives market. Nearly $400 million in Open Interest (OI) was wiped out when the price fell below $1,900, according to an on-chain analyst Maartun.
The dip followed a sharp inflow, amounting to more than $600 million, into outstanding ETH Futures contracts over the past week.
Source: Coinglass
The trend was also aptly reflected in the trajectory of Coinglass’s Long/Short Ratio. The number of individuals who went long ETH began to rise as the price moved north. However, as the price began to decline, the dominance of traders with bearish leverage began to increase, resulting in higher shorts versus longs.
Source: Coinglass
Whales are still bullish on ETH
However, the change in structure was not a major concern. Most whales still had higher long exposure than retail investors, according to AMBCrypto’s examination of Hyblock Capital’s data.
While nothing in trading can be 100% certain, the behavior of whale investors is seen as a more accurate predictor of the market’s next direction. Therefore, ETH could show bullish trends in the coming days.
Source: Hyblock Capital
Is your portfolio green? look at the ETH profit calculator
Moreover, ETH investors are in the mood to buy more. This is evident from the measurements of the Fear and Greed Index. Since sentiment has not yet reached a state of extreme greed, the possibility of a price correction can be safely ruled out.