Recent data indicates that Ethereum could benefit from diminishing interest in Bitcoin. While Ethereum’s price has fallen nearly 2%, similar to Bitcoin, market interest in Ethereum has grown, whereas Bitcoin has seen a drop in trader activity. This suggests a potential capital rotation from Bitcoin to Ethereum.
On August 26, Bitcoin's open interest (OI) was over $12 billion and has now dropped to $11.55 billion. In contrast, Ethereum's OI has increased from $5.25 billion to $5.38 billion. This shift indicates traders are adding liquidity to Ethereum contracts, seeking better returns from its price movements.
Beyond derivatives market activity, IntoTheBlock data shows market participants are more inclined to gain exposure to Ethereum on the spot market. This trend is evident from the order books of the top 20 exchanges, where participants are bidding to buy 185,700 ETH, valued around $2,687 each.
With buying volumes slightly exceeding selling volumes, Ethereum’s price could be poised for a bounce. However, Ethereum must overcome the $2,800 resistance level to maintain a bullish outlook. Failure to do so might result in ETH retesting lower support levels around $2,556.
Currently, Ethereum is trading in a consolidation phase with key support at $2,556. The Commodity Channel Index (CCI) shows that Ethereum's current price is significantly below its fair value, suggesting a potential buying opportunity and a relatively positive outlook.
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