Ethereum Open Interest Jumps, XRP Bears Not Done Selling; SUI Eyes AVAX Spot
Ethereum Open Interest Turns Bullish
Ethereum, the frontline altcoin, has decoupled from Bitcoin’s price. As of writing, the coin is trading at $2,789.12, up by 2.21% in 24 hours, while Bitcoin’s price is down 1.36% to $96,634. The growing positive sentiment among Ethereum futures traders is reflected in the data from Coinglass, which shows a marginally up trend in open interest. With a total of 8.57 million ETH, valued at $23.94 billion, committed by futures traders, this may signal the start of a solo ride for the ETH price. The potential for the ETH price to reclaim $3000 remains optimal, as the coin has dropped as low as $2,500 in earlier trading, confirming the proponent’s forecast for a sustained revival.
XRP Bears In Spotlight, SUI and AVAX Drags Spot
XRP has continued to nosedive as of writing, trading for $0.2397 and shedding more than 5% in 24 hours. For a coin named a candidate to displace ETH, the odds are currently not in its favor. SUI and AVAX, meanwhile, are dragging spot, down by 6.66% to 1.72%, respectively, changing hands for $3.349 and $25.98.
The SUI price outlook is particularly noteworthy, with the coin trailing behind AVAX with a $340 million margin. However, SUI has hit multiple all-time highs in this bull run, while Avalanche has not seen an ATH in over 3 years. On occasions, SUI hovers new ATHs, a sign that if bearish conditions thin out, it may overtake AVAX soon.
ETH and XRP to Lead Altcoin Rebound
As the most capitalized altcoins in the market, Ethereum and XRP are likely positioned to lead the sector’s recovery. XRP, in particular, remains in the spotlight, considering its potential for long-term bullish action. The push for XRP ETF in the United States may fuel a positive market reaction for the coin when activated.
Conclusion
The cryptocurrency market has seen a resurgence in recent trading sessions, with Ethereum’s open interest jumping marginally. As the frontline altcoin, ETH has decoupled from Bitcoin’s price and is poised to continue its rally. XRP, on the other hand, is struggling, but its long-term potential remains significant. Meanwhile, SUI and AVAX are dragging spot, but the SUI price outlook is worth keeping an eye on.
FAQs
What is the current price of Ethereum?
The current price of Ethereum is $2,789.12.
What is the current price of XRP?
The current price of XRP is $0.2397.
Why is Ethereum’s open interest increasing?
Ethereum’s open interest is increasing due to a growing positive sentiment among futures traders.
Why is XRP struggling?
XRP is struggling due to its recent price nosedive, shedding more than 5% in 24 hours.
What is the potential for the ETH price to reclaim $3000?
The potential for the ETH price to reclaim $3000 remains optimal, as the coin has dropped as low as $2,500 in earlier trading, confirming the proponent’s forecast for a sustained revival.
