Ethereum (ETH) is down nearly 1% on Tuesday as its weak open interest indicates that prices will likely remain range-bound in the coming days.
Ethereum ETFs record $20.3 million in outflows, extending outflow streak to three days. Over 80% of ETH's supply is in profit despite the market not yet recovering from the crash in early August. Ethereum could continue consolidation until its open interest sees considerable growth. Ethereum is down nearly 1% on Tuesday as its weak open interest indicates that prices will likely remain range-bound in the coming days.
During this one-month period, ETH's price consolidated within the $2,800 to $3,200 range. As a result, ETHis likely to consolidate near current levels until its open interest sees reasonable growth. A move above the $2,800 price level could see ETH reclaim a major support level and help flip the market sentiment to short-term bullish. ETH/USDT 4-hour chart The move is evidenced in the Awesome Oscillator , which rose above the 0 level to 24, posting a high when ETH made a low.
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