Ethereum has seen a consecutive rise in price in the last few days, and the convergence with key metrics signals a more bullish trend.
Ethereum saw spikes in open interest and social dominance, rising to their highest in seven weeks. Are we seeing the start of a bull trend?has recently broken through its short-term resistance after staying below its moving averages since the end of July, a period during which it witnessed a death cross. The second-largest cryptocurrency has also seen an uptick in market chatter over the past few weeks, along with growing interest from derivative traders.Although it slightly dipped to around 9.
By the end of the last trading session, Ethereum was trading at approximately $2,642 and even surpassed the $2,700 mark at one point. Also, the short-term moving average has now flipped to become a stronger support level.Further analysis indicates that the next critical resistance is at the $2,800 price level. If ETH breaks through it, the $3,000 threshold could be retested. This price increase has also boosted interest from derivative traders.s open interest.
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