According to the on-chain platform, this indicates a definite improvement in institutional standing, as price and demand are increasing simultaneously. As ETH’s price action levels off following recent volatility, increasing open interest implies that market players are setting themselves up for potentially big moves in the future. Such a positive advancement could further bolster the general attitude toward Ethereum and its future performance.
After examining the Ethereum Exchange Reserves metric, the expert stated that the amount of ETH in exchanges is rapidly decreasing. Such a decline in exchange reserves highlights the increasing inclination of investors to move their ETH to decentralized platforms or long-term safekeeping.
At the time of writing, Ethereum was trading at $2,812, reflecting a nearly 7% increase in the last 24 hours. Ethereum is witnessing renewed bullish sentiment from investors and traders following the recent rally above the $2,800 price mark. Data from CoinMarketCap shows that ETH’s trading volume has risen by more than 64% in the past day, suggesting growing conviction in the newfound rally.
