Quick overview

---

Ethereum’s market activity has resumed following a drop to near $2,800; open interest in ETH futures rose by more than $653 million.  ETH is trading at around $2,835. The asset is down 8 percent in the past 24 hours but remains slightly up on the week.

According to analyst Maartunn, ETH open interest jumped by $653.8 million, a 4 % rise, shortly after the latest dip. Futures activity increased in response to the price decline, indicating traders were quick to rebound. When leverage is reintroduced into the market during times of volatility, this type of behavior is frequently observed. ETH trading volume supports this trend, with over $23.8 billion recorded in the last 24 hours.

The asset might also be close to a technological turning point. Data from a weekly chart shared by Mister Crypto shows the Stochastic RSI moving into its lower range. Historically, these conditions have been followed by price bounces.
It’s interesting to note that the chart indicates that past readings at comparable levels have coincided with market reversals. The current setup appears to mirror earlier cycles where oversold conditions were followed by recoveries, suggesting the potential for a shift in momentum.

ETH has held steady against Bitcoin despite its decline. A support zone between 0.03150 and 0.03250 BTC is where ETH/BTC is currently located.

Michaël van de Poppe observed, “[ETH is nicely consolidating… remaining flat against Bitcoin.” The pair is holding above its 50-day moving average, and volume is still steady.

The price increased by more than 140 percent from this same region earlier this year. If the current range holds, Van de Poppe continued, “Ethereum is likely to outperform, and Bitcoin is bottoming.”