Ethereum Price Prediction As Open Interest Hits $8B, $3,500 Coming In December?
Ethereum Price Prediction: Investor interest has continued to grow both in the spot and derivatives market. Ethereum (ETH) and Bitcoin (BTC) alongside other major cryptocurrencies Solana (ADA) and Cardano (ADA) consistently posted new 2023 highs.
There is enough evidence that this is the start of a bull market, which would likely see Ethereum rise to $3,500 possibly before the year-end.
Ethereum Price Prediction: ETH Blasts To $2,400, What’s Next?
Ethereum buyers are anxiously waiting for a breakout above resistance at $2,400, considering the region has been tested Friday but not broken. The largest smart contracts token increased by 1.1% in the last 24 hours to $2,352, contributing marginally to a 13.2% growth in seven days and 24.5% in 30 days, CoinGecko market data shows.
The technical outlook at the moment is solid bullish, considering the buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders are at liberty to continue betting on ETH longs, provided the blue MACD line holds above the red signal line.
Similarly, the momentum indicator should generally be moving higher above the neutral area, to reinforce the prevailing bullish thesis.
Although several factors may influence Ethereum price in December, including the Bitcoin spot exchange-traded fund (ETF) narrative, declines are likely to be minimal as the sell-side pressure weakens.
For now, it would be prudent for traders to watch out for two key levels; if the resistance at $2,400 gives in and support at $2,300 holds. The first scenario could spread FOMO across the market, with more holders buying in speculation for the next move to $3,000 and then to $3,550.
In the second scenario, Ethereum could retest support at $2,300 and springboard strongly with a comeback strong enough to blast through $2,400. However, the technical structure could change if a stronger correction pushes Ethereum price to retest $2,100 before making another recovery attempt.
Ethereum price is slightly overbought according to the Relative Strength Index (RSI) in the daily time frame. If bulls don’t present a stronger case, bears could overrule their reign for a correction to $2,100 and $2,000, respectively.
Recommended for you: Cardano Price As Pump Setup Triggers, Is ADA Going To $1 In December?
Ethereum Open Interest Soars To $8B
The open interest (OI), which monitors the flow of money in and out of a futures or options market, has been growing consistently since June 2022, according to Coinglass data.
As IO increases it suggests that new money is coming into the derivatives market than the money flowing out. Moreover, Ethereum price rising along with the OI, confirms a long-term bullish outlook.
The Ethereum open interest currently slightly below $8 billion is back at pre-Terra crash levels in 2022 and suggests the market is slowly easing into the bull run following a lengthy bear run.
Related Articles
- Is it the Best Time to Enter Luna Classic(LUNC)?
- BONK Surpasses FLOKI To Become 3rd Largest Dog-Themed Coin By Market Cap
- Dogecoin Price Skyrockets Ahead Of DOGE’s 10th Anniversary, What’s Next?
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
