A recent X post published by on-chain data vendor Glassnode shows that ETH futures OI has reached a one-month high of $125,397,615.99 on one of the leading crypto exchanges, Bitfinex.
Most likely, high open interest indicates a bullish trend, however, sometimes it may signify an upcoming change of trends from bullish to bearish as well, if the IO metric becomes too high.
Aside from that, Glassnode also registered an increase in new . According to another X post published earlier today, the total count of to an all-time high of 106,018,155.
Over the past week, the Ethereum price has demonstrated a rise by more than 7%, surging from $1,538 to the $1,650 level. However, earlier today, ETH saw a sudden marginal decline and is now trading at $1,634.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
