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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Beats Bitcoin For The First Time In This Metric, What Does It Say About ETH’s Price?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Ethereum ETH ETHUSDT

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Ethereum has been experiencing a slowdown in its bullish momentum over the weekend. The cryptocurrency managed to break the critical resistance at $1,700 but could re-test previous support levels before reclaiming higher levels.

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According to Wu Blockchain, Ethereum recently surpassed Bitcoin in terms of Open Interest (OI) for options contracts. This metric stands at $5.6 billion as opposed to BTC’s $4.3 billion.

For the first time since the inception of these products, ETH’s price beat BTC’s open interest. As Wu Blockchain noted, most of the OI recorded for Ethereum option contracts are calls (buy) concentrated on September 30 and December 30.

Ethereum ETH ETHUSDT Glass
Source: Glassnode via Wu Blockchain

Both of these dates are post-merge, a highly expected event for Ethereum. “The Merge” has been tentatively set for mainnet by September 9th.

This event will complete ETH migration from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. Players in the options market seem to be positioned to the upside or hedging potentially short positions with other investment products.

Ethereum ETH ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

A Different Perspective On The Price Of Ethereum

Data from Material Indicators accurately predicted the short-term selling pressure with the potential for an increase in volatility on yesterday’s essential daily, weekly, and monthly candle close. These events often promote sudden moves in an asset’s price.

Ethereum ETH ETHUSDT MI 1
Source: Material Indicators via Twitter

As seen below, Material Indicators’ Trend Precognition Indicator flashed a short signal at yesterday’s daily close. This suggested that Ethereum had a high chance of trending to the downside.

This short-term selling pressure coincided with technical resistance at the 100-day moving average (DMA). This level swelled with an increase in asks orders as the price of Ethereum trended to the upside over the past two days.

At the time of writing, ETH’s price still records $13 million in asks (sell) orders at $1,700. This suggests that this level will continue to operate as critical resistance for the time being.

This shift in momentum for ETH’s price, as supported by Material Indicator’s trend precognition and asks liquidity, might translate into more persistent downside price action. As seen below, these analysts presented a possible bearish scenario for Ethereum for the coming months.

The fractal or price forecast below shows ETH’s price might trend downwards until at least October 2022. These models are highly unpredictable but it could provide traders with clarity about the price direction in high time frames.

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On the latter, analysts from Material Indicators said the following highlighting how this data provides a different take on the current ETH’s price narrative away from the migration to a PoS consensus:

I don’t recommend trading fractals or taking them too literally as they can deviate in both price range and time or invalidate anytime. That said… All of the above elements paint a very compelling story for #ETH based purely on algos and TA without any of the POW (Proof-of-Work) –> POS (Proof-of-Stake) chatter

Ethereum ETH ETHUSD MI 2
ETH’s price forecast for the coming months. Source: Material Indicators via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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