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Ethereum Leads in Open Interest Growth

source-logo  blockchainreporter.net 29 May 2024 04:10, UTC
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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
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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.

blockchainreporter.net