Ethereum Leads in Open Interest Growth

By Kester Odero

May 29, 2024 4:00 AM

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Table of contents

1. Key Technical Levels for Ethereum

Ethereum is outperforming Bitcoin regarding open interest growth, sparking speculation about the imminent arrival of an altcoin season. This trend indicates a shifting focus among investors, potentially favouring Ethereum and other altcoins over the traditionally dominant Bitcoin.

$ETH is surpassing, is altcoin season approaching?

“If #Ethereum’s price continues to consolidate in the current range, it’s very possible that the altcoin season will start sooner than expected.” – By @abramchart

Read more https://t.co/NHV3Vgj6cu
— CryptoQuant.com (@cryptoquant_com) May 28, 2024

Key Technical Levels for Ethereum

According to Rekt Capital, a well-known analytics firm, Ethereum is at a pivotal point. The cryptocurrency must close the week above $3,956 to surpass the $4,000 mark. Currently, Ethereum is showing a pattern of forming a lower high, which could influence its short-term price trajectory.

$ETH

Ethereum just needs to Weekly Close above $3956 (green) to move into $4000+ territory

At the moment, #ETH is forming a Lower High

Can Ethereum do it before the new Weekly Close is in?#Crypto #Ethereum pic.twitter.com/Qzd2a62es7
— Rekt Capital (@rektcapital) May 26, 2024

The ongoing consolidation of Ethereum’s price within the current range raises investor hopes for an early onset of the altcoin season. Should Ethereum maintain its momentum and break crucial resistance levels, it could catalyse a broader rally among altcoins, diverting attention and capital away from Bitcoin.

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AUTHOR

Kester Odero

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.